First of all, I would like to thank OEB, Top Kinisis and the Cyprus Energy Office for the invitation to attend today's event. I would also like to congratulate the OEB for organizing the 16th Energy Saving Exhibition "SaveEnergy", in the framework of which this Conference is taking place. An exhibition that has become an institution for the environmental and energy events in our country.
Friends,
The concept of sustainability on which today's conference focuses encompasses, in addition to the economic dimension, the social and environmental dimension. For an economy to be sustainable, it must, in addition to economic growth, achieve social well-being and environmental protection. It must also ensure that the present generation can meet its own needs without limiting the ability of future generations to meet their own needs. And it is generally accepted that in recent decades, the development models followed, particularly by developed countries, have been far from sustainable. The major environmental problems that have arisen in recent years as a consequence of human activity, such as climate change, pollution and loss of biodiversity, and the need to address them, have made it imperative that our policies are also shaped by their environmental and climate footprint. In other words, the environment and climate should define the path we must follow. This concept is pervasive in the Green Deal, which is the European Union's new development model.
The European Union has taken a global leadership role in the transition to climate neutrality and is determined to contribute to strengthening the global response to climate change. The Member States of the Union can only be part of this effort. In this context, as a State we have already formulated and are implementing, like every Member State, the National Energy and Climate Action Plan, which has set quantitative and costed targets over a ten-year period. In fact, we are currently being asked to revise these targets as part of the effort to meet the new, more ambitious target set by the European Union to reduce greenhouse gas emissions by 55% by 2030, compared to 1990 levels. To this end, we are drawing on the expertise of the technocrats of the relevant State departments and the contribution of the scientific community. We are also seeking the views of all social partners.
In parallel with the National Action Plan, the Member States of the European Union have committed themselves to preparing a long-term strategy for the reduction of greenhouse gas emissions. Long-term strategies are vital to achieve the economic transformation necessary to move towards the long-term goal set by the Paris Agreement of keeping the global average temperature increase well below 2°C above pre-industrial levels. Thus, all Parties to the Paris Agreement are invited to announce their long-term strategies leading to climate neutrality in the mid-21st century.
National Long-Term Strategies must cover, with a perspective of at least 30 years, the overall greenhouse gas emission reductions resulting from increased greenhouse gas absorption and emission reductions in individual sectors such as electricity, industry, transport, heating and cooling of buildings, agriculture and waste. They shall also include projections of the expected socio-economic impacts of emission reduction measures. And we must be honest and prepare public opinion that there will be socio-economic impacts and that the transition to a greener and climate-neutral development model will have a high economic cost and will involve a change in mindset and in many of our habits and policies. We should, however, treat these costs as a major investment for present and future generations. It is extremely important that we have tools in our hands that will help us to take rapid steps towards the green transition. By way of illustration only, the green transition is at the heart of the Republic of Cyprus' Recovery and Resilience Plan, the Plan "Cyprus_to_Tomorrow". 41 % of the Plan's budget, or about half a billion euros, covers measures and policies leading to the green transition. In addition, green transition projects are also covered by the Thaleia Programme 2021-2027, the Rural Development Programme 2021-2027 and the Just Transition Fund. The total resources for the Rapid Transition to a Green Economy, through all the instruments I have mentioned, are estimated to exceed €1 billion over the next five years. The reforms and projects that will be implemented are expected to radically change the performance and overall image of Cyprus in a number of areas where Cyprus has been weak over time and contribute to the achievement of the broader goal of adopting a more sustainable development model.
The above tools are expected to be accompanied by the green tax reform that is being prepared by the Ministry of Finance, which we believe can be a catalyst for achieving the ambitious targets we have set. On the contrary, a precondition for the success of our effort is that it is embraced by the social partners, the scientific community and society at large. It is for this reason that events such as today's and initiatives such as the SaveEnergy Energy Saving Exhibition, which bring the Government together with the social partners and citizens, are of particular importance. For this reason, I would like once again to thank and congratulate all those involved in this initiative. Allow me to make special mention of the CBI, which I would say is a pioneer in promoting policies that are in line with the principles of sustainable development and is a constant supporter of the Government in its efforts towards the green transition.
Thank you!
(MB/IK)
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