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MP stresses importance of public investments for Cyprus

Cypriot MP Christiana Erotokritou stressed the importance of public investments for Cyprus due to the disproportionate immigration and demographic pressures the country is facing and the adverse effects of climate change. 

Erotokritou who is the President of the Cyprus House  Finance and Budget Committee, intervened in Budapest during a meeting of the Inter-Parliamentary Conference on Stability, Economic Coordination and Governance in the European Union.

In her intervention regarding Cyprus, she noted that the country is on a steady path of public debt reduction, maintaining healthy fiscal surpluses, however, it presents a large current account deficit.

She pointed out that the country-specific recommendations of the European Commission for Cyprus highlight the imperative need for full and timely implementation of the Recovery and Resilience Plan to reduce the country’s excessive dependence on oil and accelerate the completion of the necessary reforms and investments.

In this context, Erotokritou said it is important to have public investment for Cyprus due to the disproportionate immigration and demographic pressures the country is facing and the adverse effects of climate change.

Erotokritou stressed that the key challenge is to balance fiscal discipline and sustainable development, ensuring that fiscal responsibility, sustainable development and social cohesion go hand in hand and that the economic governance framework contributes to addressing current and emerging challenges of the EU and shaping a more hopeful future for all European citizens.

Cyprus Leads EU With Highest Per Capita Greenhouse Gas Footprint In 2023

Cyprus Tops The Emissions List

New Eurostat data shows that Cyprus recorded the highest per-capita greenhouse gas footprint in the European Union in 2023. The country reported 14.8 tonnes of carbon dioxide equivalent per person, well above the EU average of 9.0 tonnes. The figures highlight the impact of consumption patterns and imported goods on national emissions.

Overview Of 2023 Emissions Data

According to the report, the greenhouse gas footprint linked to goods and services consumed within the EU averaged 9.0 tonnes per person in 2023, down from 10.0 tonnes in 2022. The consumption-based metric measures emissions generated across entire supply chains, regardless of where production takes place.

Contrasting Emissions Across Member States

Cyprus recorded the highest level at 14.8 tonnes per capita, followed by Ireland at 14.0 tonnes and Luxembourg at 12.7 tonnes. At the lower end of the scale, Portugal reported 6.5 tonnes per capita, with Bulgaria, Sweden, and Romania also recording comparatively low figures. The differences reflect varying consumption patterns and the carbon intensity of imported goods and services.

Consumption Versus Production Emissions

Across the EU, the greenhouse gas footprint tied to consumption reached 4.0 billion tonnes of CO2 equivalent in 2023, compared with production-based emissions of 3.3 billion tonnes. The gap illustrates how imported goods contribute to overall emissions. Over the past decade, consumption-based emissions declined by 12.9%, while production-based emissions fell by 18.6%, partly influenced by the economic slowdown during the 2020 pandemic.

Implications For Policymakers And Business Leaders

The data suggests that emissions strategies increasingly need to address both domestic production and consumption patterns. For Cyprus, this means looking beyond local energy reforms to examine the carbon footprint of imported products and supply chains. Businesses and policymakers may need to consider broader sustainability measures that reflect how goods are produced and consumed.

As the EU continues to strive for reduced emissions, this report serves as a vital resource. It illustrates the progress in lowering production emissions while drawing attention to the substantial challenge posed by the consumption-based footprint. In the evolving realm of environmental policy, these insights are indispensable for steering future initiatives on a path towards greater sustainability.

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