The Council's announcement states that its proposal published on 26 May 2022 entitled "Green Growth - Energy" includes seven specific recommendations "which are considered by the Council to be catalytic in terms of Cyprus' long-term goals and commitments in relation to the green transition, as well as supporting policies to develop a holistic approach, which will inter alia contribute to reducing energy costs in the long term".
The first proposal is the creation of a Deputy Ministry for Climate, Environment and Green Sustainability, which "will enable the unified establishment and monitoring of the long-term energy strategy, the global vision and direction for 2050 (climate neutrality) and the monitoring of the Key Performance Indicators (KPIs) that will guide actions towards the unified goal".
The second recommendation concerns the development of a Long-Term Energy Strategy until 2050, to enable Cyprus' economy to survive in the new global conditions of green and sustainable development.
Furthermore, the Council proposes the upgrading of the electricity grid and infrastructure through the greater use of renewable energy sources (RES). This requires techno-economic studies starting from climate targets based on Cyprus' contractual obligations for climate neutrality 2050, taking into account also how these will evolve under the EU's Fit for 55 Directive, the statement said.
Another suggestion is the liberalisation of the energy market, which is expected to be completed before the end of this year. The Council stresses that it is very important that there is no further delay in the full liberalisation of the electricity market.
In addition, it is recommended to increase production from renewable energy sources and enhance energy efficiency. through the use of photovoltaic panels. The adoption of the harmonizing bill for the transposition of the European Renewable Energy Directive into national law, incorporating provisions to simplify and accelerate the licensing procedures for renewable energy projects and energy storage systems and their interconnection networks, should be promoted as soon as possible, the statement notes.
It states that it is also important to create[/B] a digital "One Stop Shop" to facilitate information and permit applications for renewable energy projects and facilitate energy upgrades in buildings, which will encourage applications for renewable energy projects.
Furthermore, it is noted that it would be advisable to promote the design of renewable energy auctions, as this would facilitate the supply of renewable electricity at lower prices, thus allowing foreign entities to bid, thus promoting competition.
The Economic and Competitiveness Council proposes the electrical interconnection of Cyprus with neighbouring countries through the direct financing and implementation of the "EuroAsia Interconnector" Project of Common Interest for electrical interconnection with Greece, Israel and Egypt. The implementation of the project will end Cyprus' energy isolation, promote energy security, contribute to the development of a competitive electricity market and facilitate the development of renewable energy sources, the statement said.
Another recommendation of the Council is the utilisation of the country's natural gas resources (combined with the promotion of renewable energy sources and the introduction of liquefied natural gas), which will drastically solve the problem of Cyprus' dependence on imported oil, promote energy security and improve the competitiveness of the economy.
It is added that every effort should be made to secure political and financial support from the EU for the realisation of the EastMed pipeline project, currently under study, concerning the creation of a gas pipeline connecting the energy resources of the Eastern Mediterranean with mainland Greece via Cyprus and Crete.
The Council also proposes supportive policies, such as the swift implementation of the national strategy for digital transformation, which includes e-services for the public as well as the implementation of labour market reforms.
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