Cyprus will invest €3 Billion on climate change by 2030

Cyprus' Finance Ministry has declared that the country will invest €3.1 billion in tackling climate change by 2030. This investment will be made with funds from the European Union, the government, and the private sector.

The Green Deal outlines the European Union's ambitious goals for achieving climate neutrality by 2040. To assist this, the "Fit for 55" package intends to reduce emissions by 55% by 2030 when compared to 1990 levels. Furthermore, the current energy crisis caused by Russia's invasion of Ukraine forced the EU to reconsider energy security, resulting in the RepowerEU program, which is now part of the Recovery and Resilience Fund.

"The Republic of Cyprus is utilising EU funds to promote various projects that support the green transition", the Finance Ministry declared in its Strategic Framework on Fiscal Policy, which is presented yearly prior to the state budget.

According to the Ministry, EU financing for green initiatives in Cyprus include €1.1 billion from the national Recovery and Resilience Plan and the Thalia program. With further government and private sector contributions, total investment is expected to exceed €3.1 billion. These expenditures support projects such as building improvements and electric vehicle subsidies.

The Finance Ministry also stated that Cyprus' Long-Term Economic Strategy, known as "Vision 2035", sees a green economy as critical to the country's economic progress. Combating climate change, protecting public health from risks associated with the environment, and creating a circular economy and proper waste management are all top environmental goals.

On the energy front, the Ministry set targets such as making energy available to all, accelerating green transitions in power generation and transportation, and introducing hydrocarbons into the island's energy mix.

The Ministry continued by emphasising that sustainable growth and environmental protection necessitate investments in green technologies, renewable energy sources, and smart, sustainable mobility solutions.