Lithuania’s Cabinet of Ministers has approved an economic stimulus package, ‘Future Economy DNA,’ that it hopes will drive a post-Covid-19 recovery in the country’s economy
Vice-minister at the Ministry of Energy Rytis Kėvelaitis said energy and climate were identified as one of five pillars of country’s future economy, with an additional €475M (US$539M) of funding for energy efficiency and renewable energy.
The newly-announced stimulus funding for renewables and energy is broken down into €100M for energy storage; €90M for offshore wind grid connection; €69M for energy efficiency in buildings; €62M for renewables and sustainable mobility in transport; €61M for small-scale renewables; €38M for energy efficiency and renewable energy in industry; €33M for energy efficiency and renewable energy in heating; and €22M for hydrogen and grid integration of renewables.
“This funding is on the top of accelerated funding for energy efficiency and renewables in 2020, renewable energy auctions and other legislative improvements,” the vice-minister said.
“Covid-19 and the economic slowdown is an opportunity for Lithuania to accelerate sustainable investment to achieve its strategic target of at least 45% of energy coming from renewables by 2030.”
The Ministry of Energy in the Baltic state recently submitted a draft government resolution to stakeholders to identify locations in the Baltic where it is can build offshore windfarms and hopes offshore wind could provide 25% of the country’s electricity by 2030.
According to the country’s Ministry of Finance, €1 invested in the overall stimulus plan will provide the country with a return of €1.88 in the long-term and generate nominal GDP of €11.8Bn.
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