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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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Cyprus Emerges As A Leading Household Consumer In The European Union

by THEFUTURE.TEAM

June 30, 2025

Overview Of Eurostat Findings

A recent Eurostat survey, which adjusts real consumption per capita using purchasing power standards (PPS), has positioned Cyprus among the highest household consumers in the European Union. In 2024, Cyprus recorded a per capita expenditure of 21,879 PPS, a figure that underscores the country’s robust material well-being relative to other member states.

Comparative Consumption Analysis

Luxembourg claimed the top spot with an impressive 28,731 PPS per inhabitant. Trailing closely were Ireland (23,534 PPS), Belgium (23,437 PPS), Germany (23,333 PPS), Austria (23,094 PPS), the Netherlands (22,805 PPS), Denmark (22,078 PPS), and Italy (21,986 PPS), with Cyprus rounding out this elite group at 21,879 PPS. These figures not only highlight the high expenditure across these nations but also reflect differences in purchasing power and living standards across the region.

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Contrasting Trends In Household Spending

The survey also shed light on countries with lower household spending levels. Hungary and Bulgaria reported the smallest average expenditures, at 14,621 PPS and 15,025 PPS respectively. Meanwhile, Greece and Portugal recorded 18,752 PPS and 19,328 PPS, respectively. Noteworthy figures from France (20,462 PPS), Finland (20,158 PPS), Lithuania (19,261 PPS), Malta (19,622 PPS), Slovenia (18,269 PPS), Slovakia (17,233 PPS), Latvia (16,461 PPS), Estonia (16,209 PPS), and the Czech Republic (16,757 PPS) further illustrate the disparate economic landscapes within the EU. Spain’s figure, however, was an outlier at 10,899 PPS, suggesting the need for further data clarification.

Growth Trends And Economic Implications

Eurostat’s longitudinal analysis from 2019 to 2024 revealed that Croatia, Bulgaria, and Romania experienced the fastest annual increases in real consumer spending, each growing by at least 3.8%. In contrast, five member states, with the Czech Republic experiencing the largest drop at an average annual decline of 1.3%, indicate a varied economic recovery narrative across the continent.

This comprehensive survey not only provides valuable insights into current household consumption patterns but also offers a robust framework for policymakers and business leaders to understand economic shifts across the EU. Such data is integral for strategic decision-making in markets that are increasingly defined by evolving consumer behavior and regional economic resilience.