Cyprus Sets Ambitious Renewable Energy Targets for 2030

by News Editor

February 24, 2025

Cyprus has charted a bold path towards sustainability with its updated National Energy and Climate Plan, as announced by George Papanastasiou, the Minister of Energy, Commerce, and Industry.

By 2030, the Mediterranean island aims for 33.17% of its energy consumption to originate from renewable sources, transforming its energy framework to favor economic viability and consumer benefit.

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The Path to Energy Efficiency

Key transformations include the launch of a competitive electricity market and the development of infrastructure for natural gas imports. Additionally, there is a robust focus on expanding renewable energy sources and increasing energy storage capabilities, all of which are crucial steps toward achieving these targets.

The National Energy and Climate Plan, officially submitted to the European Commission in December 2024, highlights a strategic shift to a green economy. According to the plan, Cyprus aims to keep its maximum energy usage at 1.8 million tonnes of oil equivalence while achieving a national goal of 349.04 thousand tonnes in energy savings by 2030. Encouragingly, 15.1% of these savings will focus on alleviating energy costs for vulnerable groups.

Community and Industry Support

The private sector has also voiced its support. Antonis Antoniou, President of the Cyprus Employers and Industrialists Federation (OEB), emphasized the necessity of energy efficiency for a sustainable and competitive future. Echoing this sentiment, George Georgiou, President of the Pancyprian Energy Saving Association, called energy saving a cornerstone of sustainable development.

The drive towards energy sustainability in Cyprus finds parallels with broader European energy strategies. For example, the EU’s evolving energy plan also emphasizes reducing dependency on traditional energy sources (read more about the EU’s plan here).

As Cyprus strives to reach its ambitious goals, the island is poised to set a shining example of balancing economic growth with ecological stewardship.

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European Central Bank Report Highlights Stable Inflation and Economic Outlook

by THEFUTURE.TEAM

October 29, 2025

Overview Of Inflation Trends

The latest European Central Bank survey shows a slight decline in median inflation expectations over the next 12 months, decreasing from 2.8% in August to 2.7% in September. Despite this minor adjustment, consumer perceptions of past 12-month inflation have held steady at 3.1% for the eighth consecutive month. Long-term projections for three- and five-year inflation remain stable at 2.5% and 2.2% respectively.

Consumer Expectations Drive Income And Spending Projections

Across the board, expectations for nominal income growth over the upcoming year have remained consistent at 1.1%. However, there is a noticeable shift in spending behavior: while perceived nominal spending growth for the past year slipped slightly to 4.9% from 5.0%, expectations for spending growth over the next 12 months rose to 3.5%. Notably, lower income groups continue to forecast marginally higher spending increases compared to their higher income counterparts.

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Stability In Economic And Labour Market Outlook

Economic growth expectations are modestly pessimistic, with respondents forecasting a contraction of -1.2% over the next 12 months. Concurrently, anticipated unemployment levels remain unchanged at 10.7% a year ahead, though the outlook varies by income, with lower income households expecting unemployment rates as high as 12.7%, while higher income groups maintain expectations around 9.4%. Overall, the slight difference between current and future unemployment suggests a broadly stable labor market outlook.

Housing Market And Credit Conditions

The survey also reveals an upswing in expectations related to the housing market. Home price growth expectations have edged higher to 3.5%, and anticipated mortgage interest rates have risen modestly to 4.6%. Similar to other metrics, expectations vary by income, with lower income households expecting higher mortgage rates. In recent months, a marginal decline in reported credit tightening over the past 12 months contrasts with a renewed forecast of tighter credit conditions in the forthcoming year.

Conclusion

The ECB’s latest findings underscore the delicate balance between stable long-term economic forecasts and short-term adjustments in consumer expectations. The slight dips in inflation expectations, alongside stable perceptions of past inflation, delineate a marketplace that is both cautious and measured. As income, spending, and housing market metrics continue to evolve, these indicators provide critical insights for policymakers and investors navigating an increasingly complex economic landscape.

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