TRANSITION OF CYPRUS TO A ZERO-CARBON ECONOMY

 Filenews 16 July 2021

The "Energy Strategy of the Ministry of Energy, Trade and Industry (YEEV) for a rapid transition to a green economy" was presented today, Friday 16 July 2021, by the Minister of Energy, Trade and Industry, Natasha Pelidou, at a workshop held in Nicosia, as part of the necessary information and feedback.

The event was attended by around 60 representatives of organisations, associations, universities, companies and other stakeholders, who raised questions and submitted views to be used in the context of the review of the Cyprus Energy Strategy, on the basis of the new and highly ambitious legislative framework announced on Wednesday, 14 July, by the European Commission for the world's first climate-neutral continent.

Presenting the Energy Strategy, Ms. Pelidou explained that green energy transformation is one of the five pillars of the government's Recovery and Resilience Plan "Cyprus tomorrow", which will play a key role in our country's development strategy in the coming decades. The IEAB is a key part of the implementation of this effort, the Minister pointed out.

Unfolding the vision and actions of the IEAB, he referred to the transition to a green energy profile, which will offer opportunities for sustainable living for citizens, prospects for economic growth in business, prosperity and extroversion in the country. "We will achieve this," the Minister added, "by changing the productive model of the economy, by gradually adopting greener and environmentally more environmentally friendly development standards by households, businesses and the public sector, and by removing the energy isolation of our country."

Analysing the opportunities and benefits of Cyprus' transition to a zero-carbon economy, Ms. Pelidou spoke, among other things, of a healthier environment for citizens, of the new green jobs that will be created, of emerging opportunities for green investment and of producing cheaper and environmentally friendly electricity , which will also make Cypriot companies more competitive on international markets.

As explained by the Minister, starting from the achievements to date in the field of energy, the Ministry of Energy has developed a multidimensional strategy, continuing good practices and promoting new Measures and Policies to achieve the objectives resulting from the National Energy and Climate Plan, as well as analysing and examining various scenarios aimed at transforming the economy and society , in order to fulfil the climate ambitions summarised in the following axes:

1. To strengthen the security of energy supply and to remove the energy isolation of Cyprus.
2. The functioning of the competitive internal electricity market and the functioning of the internal gas market.
3. Strengthen the role of consumers in the energy market and reduce energy costs for households and businesses.
4. Incentives to encourage private initiative in relation to investments to be made by households and businesses towards a green and circular economy and to promote energy efficiency and RES projects in the public and wider public sectors.
5. Investing in research and new technologies such as energy storage systems, the digitisation of the energy sector and the use of hydrogen.
6. Important reforms and new legislation.

Ms. Pelidou then analysed the key projects promoted by the Ministry for each of the six axes. Among other things, it referred to the following:

• The construction of infrastructure for the import of liquefied natural gas and its gasification, at a cost of €289 million. and securing a €101m grant from the European Investment Bank (EIB). from the EU. The aim is to produce natural gas around the end of 2022 and in the first phase the gas will be used for power generation purposes.
• The construction of the EuroAsia Interconnector Project, an alternative electricity transmission corridor from the Eastern Mediterranean to Europe and the construction of the EuroAfrica Interconnector for the electricity interconnection of Cyprus, Egypt and Greece. Two projects that will help lift the energy isolation of Cyprus.
• The creation of energy storage infrastructures and the preparation by RAEK of the energy storage framework.
• Creating a framework for Renewable Energy Communities – promoting micro-networks.
• The installation of 400,000 smart meters by the Distribution System Operator in 2022-2025.
• To promote net metering and net billing, so that by 2030 the installed systems will triple and exceed 300 MW.
• Sponsorship projects to encourage the energy upgrading of homes and businesses. Projects in excess of €45m were launched in 2021. to encourage green energy. Projects of €80m will be announced in 2022. energy upgrading of enterprises, homes and public buildings.
• Other incentives and funding. The IEAB has secured €334m (€334m) in funding for the project. EUR 208 million from co-financed funds to promote projects in the green economy, as well as €208 million from the Green Economy. The Commission's report on the promotion of entrepreneurship will be used to promote entrepreneurship, much of which will be allocated to green development.
• Participation in European programmes aimed at further penetration of RES and investment in new technologies.
• To promote a digital platform to facilitate and guide investors in the implementation of RES projects and energy renovation of buildings.
• To renovate our homes and buildings to save energy and tackle energy poverty.

The Energy Minister said the IEAB is working on additional policies and measures that will be in the direction of climate neutrality and the new rules promoted by the EU that will improve air quality, quality of life and the competitiveness of our economy. "The goal is to raise the bar even higher, with more benefits for the well-being of citizens, businesses and the country," he concluded.

More information:

The green economy of Cyprus today in numbers:

• 430 MW installed power from RES up to 5/2021.
• 230 commercial RES projects under implementation.
• Additional requests for RES projects >400 MW to RAEK for authorisation.
• Electricity generation from RES in 2020 625 GWh: 38% from wind farms, 52% from photovoltaic systems and 10% from biomass.
• Doubling the RES contribution to final energy consumption in 2011-2018 (13.84% exceeding the 13% target for 2020).
• 35.1% contribution from the heating and cooling sector (23.5% indicative target of ESEC 2020).
• 7.3% RES in transport in 2020, lower than a binding target (10%).
• In addition to the €350m (€350m) of the €350m (€ were made available as grants to businesses and households for investments in RES projects and energy saving projects in the period 2005-2020.

Source: Eyenews/PIO