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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Strained Household Finances: Eurostat Data Reveals Persistent Payment Delays Across Europe and in Cyprus

by THEFUTURE.TEAM

November 22, 2025

Improved Financial Resilience Amid Ongoing Strains

Over the past decade, Cypriot households have significantly increased their ability to manage debts—not only bank loans but also rent and utility bills. However, recent Eurostat data indicates that Cyprus continues to lag behind the European average when it comes to covering financial obligations on time.

Household Coping Strategies and the Limits of Payment Flexibility

While many families are managing their fixed expenses with relative ease, one in three Cypriots struggles to cover unexpected costs. This delicate balancing act highlights how routine payments such as mortgage installments, rent, and utility bills are met, but precariously so, with little room for unplanned financial shocks.

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Breaking Down Payment Delays Across the European Union

Eurostat reports that nearly 9.2% of the EU population experienced delays with their housing loans, rent, utility bills, or installment payments in 2024. The situation is more acute among vulnerable groups: 17.2% of individuals in single-parent households with dependent children and 16.6% in households with two adults managing three or more dependents faced payment delays. In every EU nation, single-parent households exhibited higher delay rates compared to the overall population.

Cyprus in the Crosshairs: High Rates of Financial Delays

Although Cyprus recorded a notable 19.1 percentage point improvement from 2015 to 2024 in delays related to mortgages, rent, and utility bills, the island nation still ranks among the top five countries with the highest delay rates. As of 2024, 12.5% of the Cypriot population had outstanding housing loans or rent and overdue utility bills. In contrast, Greece tops the list with 42.8%, followed by Bulgaria (18.7%), Romania (15.3%), Spain (14.2%), and other EU members. Notably, 19 out of 27 EU countries reported delay rates below 10%, with Czech Republic (3.4%) and Netherlands (3.9%) leading the pack.

Selective Improvements and Emerging Concerns

Between 2015 and 2024, the overall EU population saw a 2.6 percentage point decline in payment delays. Despite this, certain countries experienced increases: Luxembourg (+3.3 percentage points), Spain (+2.5 percentage points), and Germany (+2.0 percentage points) saw a rise in payment delays, reflecting underlying economic pressures that continue to challenge financial stability.

Economic Insecurity and the Unprepared for Emergencies

Another critical indicator explored by Eurostat is the prevalence of economic insecurity—the proportion of the population unable to handle unexpected financial expenses. In 2024, 30% of the EU population reported being unable to cover unforeseen costs, a modest improvement of 1.2 percentage points from 2023 and a significant 7.4 percentage point drop compared to a decade ago. In Cyprus, while 34.8% still report difficulty handling emergencies, this marks a drastic improvement from 2015, when the figure stood at 60.5%.

A Broader EU Perspective

Importantly, no EU country in 2024 had more than half of its population facing economic insecurity—a notable improvement from 2015, when over 50% of the population in nine countries reported such challenges. These figures underscore both progress and persistent vulnerabilities within European households, urging policymakers to consider targeted measures for enhancing financial resilience.

For further insights and detailed analysis, refer to the original reports on Philenews and Housing Loans.

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