Energy Minister in discussion with Cyprus on the MED9 priorities for the energy sector
Malta and Cyprus share the same commitment and determination in ensuring that work is taken forward to make sure that the Malta Statement on establishing the Mediterranean as a Green Energy Hub comes to fruition.
This was the shared assurance given by Minister of Energy for Malta Miriam Dalli and the Minister of Energy for Cyprus George Papanastasiou during an International Conference on Renewable Energy that focused also on the MED9 Energy initiative.
“Malta and Cyprus share the same commitment and enthusiasm to establish the Mediterranean as a hub of green energy,” Dalli said.
“We need to ensure that this commitment continues to result in increased renewable energy commitment year after year. This will encourage us to invest further in research and development in renewable energy, especially in offshore technologies, interconnections and smart grid and storage solutions. It will also unlock the potential of more green jobs and green investment opportunities,” the minister continued.
This direction is the result of the vision which Malta launched in the first MED9 energy ministers’ meeting last May. During this meeting in Valletta, the MED9 countries signed the Malta statement, a joint declaration for the development of renewable energy corridors in the Mediterranean as a main pillar to a climate-neutral future.
The nine countries have now established a joint steering committee including highlevel and technical representatives, to focus on the acceleration of offshore renewables and interconnections between the MED9 countries and other Mediterranean regions.
“The key to all of this is making sure that we manage to unlock the financing required for such a transition, since the technology that can help us unlatch this potential is markedly more expensive than systems that can be deployed onshore or in less deep waters,” Minister Dalli added.
Meanwhile, the MED9 Energy initiative caught the attention of the International Renewable Energy Agency, Irena, who pledged support in making the commitments agreed to in the Valletta Joint Statement a reality.
“Investing in renewable energy is not only an effort for a better future but more importantly, it is the best solution to overcome present challenges,” stated Minister Dalli.
During the seventh International Renewable Energy Systems and Energy Efficiency Conference, in Cyprus, Minister Dalli also explained Malta’s vision for a green and blue energy hub in the Mediterranean region.
Malta is working to attain its climate objectives through multiple ongoing initiatives, including the recent launch of the National Policy Framework for Offshore Renewables, new interconnections with mainland Europe, electrification, investment in more resilient electricity distribution infrastructure, utility-scale battery storage systems, the establishment of the ESG platform where companies report their energy efficiency achievements and other criteria as part of their Corporate Sustainability Reporting, as well as the recent issuance of the country’s first green bonds.