Regional and Local Development in Energy Transition Areas: The Case of Lignite Phase-Out in the Peloponnese

The establishment of sustainable energy frameworks amidst global climate change and dwindling petroleum reserves has prompted a focus on energy transition, marking a shift in how energy is utilized within systems. Greece, historically reliant on lignite for electricity generation, faces the challenge of transitioning towards a low-carbon economy. This study explores the potential of creating a multipurpose entrepreneurship and culture center, the Mediterranean Center for Entrepreneurship and Culture (MCEC), in Megalopolis, Arcadia, Greece, as a strategic intervention for economic, social, and environmental restructuring. Drawing on best practices and comprehensive analyses of external factors, the study outlines the conceptualization and evaluation of the MCEC, considering economic feasibility, development scenarios, financial sustainability, and stakeholder engagement. The discussion highlights the anticipated benefits of the MCEC, including job creation, entrepreneurship promotion, and socio-cultural advancement, underscoring its potential to mitigate the impacts of lignite phase-out and foster sustainable regional development. Overall, the establishment of the MCEC is poised to yield positive socio-economic impacts, including employment growth, entrepreneurship promotion, infrastructure development, and cultural enrichment, contributing to the resilience and prosperity of the Megalopolis region and beyond.