Green growth is one of the most important goals of modern societies. The benefits resulting from the green transition are not limited to the environment, but extend to both the economic and social spheres. At EU level, the Green Deal is at the heart of the development strategy. Underlining the urgent need for its implementation, a precondition for the adoption of Member States' Recovery and Resilience Plans was set to allocate at least 37% of the total cost of the Plans to reforms and investments contributing to the green transition.
In parallel, the 26th United Nations Climate Change Conference held in November 2021 recalled the target for a significant reduction in greenhouse gas emissions by 2030 and zero net greenhouse gas emissions by 2050, and underlined the need to implement the measures of the European Green Deal.
Decoupling from conventional fuels and switching to renewable energy sources, as well as enhancing energy efficiency, are necessary conditions for achieving the climate targets. The energy crisis and the inflation that has arisen as a result of the war in Ukraine have highlighted even more strongly the urgent need to further explore and promote alternative energy sources in order to achieve the EU's energy security and strategic autonomy and to limit the price of energy products.
The Cyprus Council of Economy and Competitiveness, following a round of contacts with relevant stakeholders and technocrats on the issue of Green Growth, makes the following recommendations Taking measures in the proposed direction will contribute to the long-term development of a green society and economy, in line with the objectives of the long-term strategy "Vision 2035".
- Creation of a State Ministry for Climate, Environment and Green Sustainability
- Long-term Energy Strategy
- Upgrading Electricity Network and Infrastructure
- Liberalization of the Energy Market
- Increasing Production from Renewable Energy Sources and Enhancing Energy Efficiency
- Electricity Interconnection with neighbouring countries
- Exploitation of Cyprus' natural gas resources
- Supportive policies
The above recommendations are analysed in the EPAAC proposal which can be found here.
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