Cyprus is going Green by 2030

Sep 9, 2021 | Cyprus Economy

“The goal is to contribute to the transition to climate neutrality, through the achievement of national targets in energy efficiency and renewable energy for 2030” refers to the recovery and Resilience Plan for the period 2021-2026.

Cyprus has committed to increase the share of renewable energy sources to 23% of total gross final energy consumption and 26% of total gross final electricity consumption, as well as energy conservation to 39% for heating and cooling and 14% in the transport sector.

This is a series of measures to reform taxation, open up the electricity market and facilitate the issuance of renewable energy licenses. The proposals also aim to improve the energy efficiency of building stocks and other infrastructure and support green investment in SMEs, housing, the wider public sector and NGOs. It also aims to enhance the use of sustainable building materials, increase resource efficiency and realize climate benefits.

A sustainable transformation will stimulate job creation as the economy transitions to more digital and less carbon intensive use, both directly through the implementation of required investment and indirectly through the resulting increased competitiveness of the economy. In addition, the component aims to address the energy isolation of Cyprus and thus its vulnerability to energy supply and price shocks.

In order for Cyprus to achieve the above, the plan proposes four reforms. Specifically:

1: Green taxation

2: Independence of the Cyprus Transmission System Operator from the existing Electricity          Authority of Cyprus

3: One-Stop digital stores to streamline res projects that enable and facilitate energy                    renovation in buildings

4: Energy Storage regulatory framework

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