12° Nicosia,
15 June, 2024

Energy Minister calls for EU 'solar bank' to energize solar industry

George Papanastasiou's proposal aims to revolutionize solar technology financing


In a proposal during the EU Council of Transport, Telecommunications, and Energy yesterday, Cypriot Minister of Energy, Commerce, and Industry George Papanastasiou urged the establishment of an EU "solar bank" to finance the solar sector. The suggestion was made during a working lunch addressing the status of the EU solar energy industry and the future of photovoltaic panels within the Union.

Papanastasiou presented the idea of a specialized financial institution, akin to the recently established Hydrogen Bank, focusing exclusively on funding solar technology products. Cyprus expressed readiness to support the EU solar industry through a joint declaration.

Emphasizing the necessity for flexibility in the EU electricity production system, Papanastasiou highlighted key measures, including the redesign of electricity grid levies, the implementation of smart technologies, and the introduction of appropriate regulatory frameworks.

During the Council discussions, EU member states achieved a political agreement on the coordinated action to reduce natural gas demand. Papanastasiou supported the compromise proposal, acknowledging the unique conditions faced by member states, particularly those not directly interconnected with natural gas networks, such as Cyprus.

In addressing security supply concerns and preparations for the upcoming winter, the Cypriot Minister stressed the importance of adopting specific measures, such as diversifying energy sources, completing interconnections, and fostering the growth of renewables.

[Information sourced from CNA]

Cyprus  |  solar  |  photovoltaic  |  energy

Business: Latest Articles