By Andreas Charalambous and Omiros Pissarides
Humanity has made remarkable progress in dealing with the energy crisis caused by the war in Ukraine. However, a lot remains to be done. Emissions continue to rise, while recent United Nations’ reports confirm that the existing worldwide commitments/policies do not suffice to achieve the agreed goal of limiting the temperature rise to 1.5 degrees Celsius. As a result, extreme weather events and disasters are expected to increase further.
In this context, the recent proposal of the European Commission to reform the energy market is crucial. This initiative aims, above all, to strengthen Europe’s self-sufficiency in basic raw materials for energy production, as well as providing generous subsidies for long-term investments in renewable energy sources (RES).
Even more important is the recent decision of the European Parliament concerning the emissions trading system. A particular challenge for Cyprus and consumers is the adoption of stricter emission reduction targets, as well as the inclusion of the crucial sectors of construction and transport in the emissions trading system.
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