Nicosia bids for energy overhaul
Cyprus has submitted a revised Recovery and Resilience Plan to the European Commission, incorporating the REPowerEU chapter with an additional allocation of 104 million euros. The Ministry of Finance announced the update, highlighting the revised timeline of milestones aimed at addressing delays in the plan’s implementation.
The REPowerEU chapter focuses on bolstering the energy sector, with actions geared toward helping Cyprus meet the EU’s target to reduce energy dependency on Russia. The plan provided for REPowerEU will support five existing projects in the Recovery Plan and introduce four new investments in the energy field.
These measures are designed to reduce Cyprus’ energy needs, thereby lessening its reliance on fossil fuel imports. The plan includes increased investments in energy efficiency improvements, the promotion of clean transportation, the acceleration of renewable energy adoption, and incentives for the development of innovative technologies, facilitating transition toward greener energy.
The revised timeline for preconditions and milestones related to fund disbursement will assist Cyprus in overcoming delays and challenges.
