Environmental and Economic Impacts of the National Energy and Climate Plan of Cyprus
Journal
Cyprus Economic Policy Review
Date Issued
December 2020
Abstract
This paper provides a summary of the Impact Assessment of the National Energy and
Climate Plan of Cyprus, which was submitted by the Cypriot government to the
European Commission in January 2020. The analysis is based on detailed modelling of
the national energy system in combination with simulations by macroeconomic and
household demand models. The study has produced numerous results describing the
energy, environmental and economic impacts of different scenarios. This paper
focuses on some key findings and recommendations that are of interest to economic
policy makers. Results show that the planned energy and climate policies of the
Cypriot government, while contributing to compliance of Cyprus with its legally
binding energy and environmental obligations, can also yield economic benefits to
society. However, they require strong political will to implement, and this especially
applies to measures promoting sustainable transport. As further decarbonisation
measures will be needed in the coming years, the country can exploit business and
investment opportunities arising from the global energy transition.
Climate Plan of Cyprus, which was submitted by the Cypriot government to the
European Commission in January 2020. The analysis is based on detailed modelling of
the national energy system in combination with simulations by macroeconomic and
household demand models. The study has produced numerous results describing the
energy, environmental and economic impacts of different scenarios. This paper
focuses on some key findings and recommendations that are of interest to economic
policy makers. Results show that the planned energy and climate policies of the
Cypriot government, while contributing to compliance of Cyprus with its legally
binding energy and environmental obligations, can also yield economic benefits to
society. However, they require strong political will to implement, and this especially
applies to measures promoting sustainable transport. As further decarbonisation
measures will be needed in the coming years, the country can exploit business and
investment opportunities arising from the global energy transition.
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