Cyprus' plans for decarbonization were presented by the Minister of Energy, Trade and Industry Mr George Papanastasiou, during the second day of the International Conference on the "Climate Crisis in the Eastern Mediterranean and the Middle East" (emmeclimate2024.cyi.ac.cy), co-organized by the Cyprus Academy of Sciences, Letters and Arts, and the Cyprus Institute from 26 to 28 September 2024, in Larnaca.

 

As Mr. Papanastasiou mentioned, we are witness to the serious effects of climate change every day, such as floods, fires and extreme weather events, with experts predicting that the Eastern Mediterranean and Middle East region is in the process of becoming a "climate hot spot”.

 

However, he noted, according to the World Energy Council, the Eastern Mediterranean region also offers unique opportunities for the development of an energy model, which can turn it into a green energy hub that will connect EU and non-EU countries. The implementation of this idea includes a complex network of energy policies and the development of the necessary infrastructure, which will simultaneously address environmental challenges and facilitate international cooperation. In fact, as noted by the Minister, the envisioned green energy corridor will also enhance energy security between interconnected countries.

 

For this reason, Cyprus, in coordination with all other Mediterranean EU member states, has put at the center of the MED9 presidency for 2024, the common ambition to turn the Mediterranean into a green corridor for the transfer of energy between EU and non-EU countries. In fact, he revealed that all relevant aspects of this shared vision were discussed recently during the 2nd MED9 Energy Ministerial Meeting, hosted by Cyprus in Larnaca, on September 23.

 

With regard to the energy strategy of Cyprus, the Minister indicated that it focuses mainly on reducing electricity prices, strengthening the security of energy supply and accelerating the energy transition.

 

As, he said, we remain fully committed to reducing greenhouse gas emissions and increasing the share of renewables, and believe that natural gas will facilitate a smooth transition from liquid fossil fuels to neutrality.

 

Finally, Mr. Papanastasiou mentioned that each country in the region has a different starting point and RES potential, which is why the creation of a green corridor based on a personalized Mediterranean energy strategy can lead to a mutually beneficial situation for all parties involved, contributing not only to peace and prosperity in the region, but also to efforts to address the effects of climate change.

 

We must, he characteristically said, to ensure that carbon neutrality is achieved through an optimal matching of costs between supply and demand, while minimizing the cost of decarbonisation to society.