Less debt more Earth: WWF opens dialogue on debt relief for a living economy in Greece

Posted on 02 November 2016

A ‘green’ debt relief agreement for Greece, based on the UN’s Sustainable Development Goals, could offer a long lasting solution, not only for Greece but for the entire EU.
A ‘green’ debt relief agreement for Greece, based on the UN’s Sustainable Development Goals, could offer a long lasting solution, not only for Greece but for the entire EU. This is the argument of a discussion paper published today by WWF in collaboration with the New Economics Foundation, offering an alternative solution in the twin quest for the EU’s financial and ecological sustainability.

Seven years of crisis and austerity have placed a great strain on the European project, and forced struggling economies such as Greece to prioritise rapid growth and deregulation over sustainable development. This is putting increasing pressure on the country’s unique ecological heritage.

In its discussion paper ‘Debt relief for a living economy in Greece’ WWF presents an alternative strategy, arguing that substantial debt relief can be approved for Greece on the basis of a specific environmental agreement, thus reviving the country’s battered economy in a more sustainable direction. Such an agreement would also conserve significant biodiversity and at the same time contribute to the EU’s achievement of key global sustainable development goals (SDGs).

“Imagine a situation where an unfolding economic crisis becomes the driving force for innovative thinking towards a greener, more equitable world. A world where crippling public debt is transformed into funding for the common good and where truly sustainable development begins to dominate the political agenda, “ said Marco Lambertini, Director General, WWF International. “This is precisely the world we at WWF want to imagine and hopefully strive towards, through initiatives such as this. After all, the role of solutions oriented, positive thinking organizations, like WWF, is to look beyond the limits and the ‘business-as-usual’ political paradigm, and seeks to re-define the agenda. Our role is to propose and support ideas that strive towards a better future for all life on Earth … us included!”

Through its discussion paper launched today, WWF proposes a series of measures for a) the conservation of Europe’s natural wealth, b) green economy, and c) revenue enhancement, while combating environmental crime, as the basis for a meaningful debt relief agreement. The agreement will also need to include good governance, economic development, green revenue enhancement and environmental crime combatting measures.

 “If Europe had from the beginning of the crisis aimed for a brave green world of sustainable economic activity and social development, instead of austerity and constant transfer of the debt overhang to future generations, things would be very different now, not only in Greece but throughout this challenged region”, added Demetres Karavellas, Director, WWF Greece. “The challenge now is huge. Using the economic crisis and the need for rapid growth as pretext, Greece is currently planning the construction of two heavily polluting and financially unviable coal power plants, while at the same time the European Commission has put into question its core nature protection legislation, treating the environment as a liability in difficult times. On the other hand, over 70% of Europeans state that wise natural resource use and environmental protection make economic sense. Solving the crisis in a coherent and visionary way calls for brave and socially beneficial political decisions”.

WWF argues that the future for the EU’s economies lies with conserving our common natural heritage and building on the added value which sustainable policies can bring to the economy and society. Addressing Greece’s debt overhang on the basis of an ecologically sound and socially vibrant economic agenda will benefit all and offer Europe a robust common vision for the future.


About the report

The report ‘Debt relief for a living economy in Greece’ was published today by WWF and the New Economics Foundation. The call for a green way out of the debt crisis is addressed to Greece’s creditor institutions and to the government and parliamentary parties of Greece.

WWF is actively seeking feedback and collaboration from interested stakeholders on this basic concept. The input and engagement of stakeholders will provide an indispensable political reality check and will ensure that we address the major political concerns in the most coherent manner.  Depending on the outcomes of this dialogue, we are committed to working with others in further elaborating this proposal, if this can be of value to a possible agreement between Greece and its creditor institutions for meaningful debt relief and the pursuit of sustainability.

More information: Less Debt More Earth campaign website
Natural wealth as foundation for sustainability

The ecological wealth and importance of Greece at the EU and the global level is enormous. The whole of Greece lies within the Mediterranean region, which is one of the world’s top biodiversity hotspots. Around 10% of the world’s vascular plants (25,000 species) are found in the Mediterranean Basin, i.e. an area representing only 1.6% of the Earth’s surface. More than half of these species are endemic. Its marine biome hosts 5.6% of the world’s marine animal taxa and 16.9% of the marine flora, in an area covering less than 1% of the world’s oceans.

Specific ecological characteristics for which Greece needs to take pride and step up efforts for their conservation, as  important assets of Europe’s ecological treasury, are the following:
  • Protected areas covering about 34% of the Greek territory.
  • 10 wetlands of international importance (protected under the Ramsar Convention).
  • With 419 sites, the Natura 2000 network covers 27,2% of the terrestrial and 6,1% of the marine area of Greece. Specifically: 239 Special Areas of Conservation and 2 Sites of Community Importance have been designated based on the EU’s Habitats Directive, and 202 Special Protection Areas based on the EU’s Birds Directive).
  • Over 800 small wetlands on Greek islands, covering an area of more than 100 km2.
  • Two archipelagos, the Aegean and Ionian, comprised of over 2,800 islands, only 227 of which are inhabited.
  • Breathtaking landscapes with more than 250 mountains of altitudes higher than 1,000 metres.
  • 16,000 kilometers of coastline.
  • Approximately 47% of forest cover.
  • 6,600 taxa of vascular plants.
  • At least 40 local animal breeds.
  • The Prespa Lakes host the world’s largest population of the Dalmatian Pelican and its surrounding lands are important for emblematic agricultural products, such as the Prespa beans.
  • Sekania beach on Zakynthos hosts the largest density of loggerhead sea turtle nests in the Mediterranean while roughly half of the global population of the Mediterranean monk seal is found in Greek waters.
  • The forest of Dadia in Evros offers vital habitat to 36 out of the 38 species of diurnal raptors that inhabit the European Union and is the basis for a local economy that benefits from nature tourism.
  • The quality of 97.2% Greece’s bathing waters (marine and freshwater) is excellent.
According to the IUCN, Greece is one of the ecologically richest countries in the European Union. The country hosts 17.8% of the animal species present in Europe and has the highest number of endemics in Europe (22% of the total indigenous flora and 26% of the flora species of the Mediterranean). The fauna comprises 115 mammal species, 12 of which are marine, 446 bird, 22 amphibian and 64 reptile species. Moreover, Greece has the richest freshwater fish fauna of Europe with 162 species of which 83 are endemics. Greek seas host 476 marine fish species out of the 600 present in the Mediterranean. Some 30,000-50,000 invertebrates are also present, exhibiting a very high degree of endemism, which is higher than 50% in some groups. Due to its geography, geology and climate, Greece is characterized by high levels of endemism. Due to this large number of endemic species, many of European threatened species have been recorded.
For media requests, please contact: Iasonas Kantas, Media officer, WWF Greece, i.kantas@wwf.gr
A ‘green’ debt relief agreement for Greece, based on the UN’s Sustainable Development Goals, could offer a long lasting solution, not only for Greece but for the entire EU.