Cyprus must act quickly to develop projects that will help the country achieve its goals under the EU Green Agreement and at the same time reduce electricity prices, said Minister of Energy, Trade and Industry Natasa Peleidou. speaking at the Eastern Mediterranean Conference & Exhibition a three-day event that kicked off on Wednesday in Nicosia.
Ms Pilidou said that despite the recent energy crisis, the EU must remain committed to the goals of the Green Agreement and take steps to ensure that the transition is not jeopardized.
“Of course we are very ambitious and very committed to the Green Agreement, but we must recognize that we have to go through different steps to reach the stage where we will have achieved the goals,” said the Minister.
Presenting the projects that Cyprus is promoting to achieve its goals, he referred to the projects that end the energy isolation of Cyprus, such as the EuroAsia and EuroAfrica Interconnectors, the gas import terminal at Vasilikos and the EastMed pipeline.
He also referred to measures aimed at promoting renewable energy sources such as a center for rapid licensing of commercial RES, centralized and decentralized installation of energy storage systems, public charging points for electric vehicles and the installation of smart meters. As he said, all these measures and projects must be done at a very fast pace so that Cyprus can achieve its goals without endangering energy security.
Referring to the energy crisis that led to a sharp rise in energy prices, he also stressed the need to take measures so as not to jeopardize the transition. He added that it is very important to recognize that the measures introduced by Cyprus to reduce electricity prices are for a limited period of time.
“What we need are long-term measures, such as funding programs that will allow people to install photovoltaic systems in their homes, in their business, to increase their energy efficiency with more technology-friendly so that we can achieve our goals but also reduce prices at the same time, “he said.
At the same time, he stressed the need for cooperation in the Eastern Mediterranean to make the region a pioneer in the transition to greener energy and sustainable development and noted the tripartite and multilateral cooperation mechanisms in which Cyprus participates. He added that natural gas plays a key role as a bridge fuel, allowing a faster and more efficient shift to cleaner forms of energy.
Cyprus takes over the Presidency of the Eastern Mediterranean Gas Forum in 2022 and, as the Minister said, is ready to discuss and also promote policies and actions, through the Forum for the transition of the region to a greener energy.
Welcoming the conference in a recorded message, Israeli Energy Minister Karine Elharrar spoke of Israel's interest in deepening regional co-operation in the gas sector. He also said that they seek to deepen their ties with their partners in the region in the field of renewable energy, as the region is increasingly interconnected and referred to the Cyprus, Greece and Cyprus agreement on the EuroAsia Interconnector, saying that this will be an important step towards further energy security for all three countries, Europe and Asia. He also said that Israel will turn to clean energy by 2030 and is in line with other countries in the global fight against climate change.
In another video message, Jordanian Energy Minister Saleh Al-Kharabsheh referred to the country's strategy to diversify energy sources, increase the contribution of local energy sources to the overall energy mix, and increase energy efficiency in all sectors. and reducing energy costs in order to make the country a regional hub for all types of energy. He also said that they will focus on renewable energy sources in the coming years as a clean and local energy source. He also referred to the need for the countries of the region to join forces to facilitate a fair transition to cyclical, open to all and sustainable energy resources.
In her presentation during the Conference, the President of the Cyprus Hydrocarbon Company Tula Onoufriou said that the demand for natural gas is expected to remain strong for the next fifteen years, as natural gas is part of the solution on the roadmap for zero pollutants. He said that Cyprus has some gas discoveries and there are possibilities for even more.
“We see it as our duty to promote and exploit this kind of development to contribute to this energy transition for Cyprus, Europe and beyond,” he said.
He also referred to the exploration, evaluation and exploitation activities that will be resumed in Cyprus by the end of the year or at the beginning of 2022, noting that the development of individual gas fields in deep waters is a challenge and referred to the need to create synergies, economies of scale, cooperation and new technologies to reduce costs. He also said that Cyprus must proceed with reductions in carbon dioxide emissions to make gas development more sustainable.
