The Malta Business Weekly

Energy diversific­ation at the core of national and European strategies

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Minister for Energy and Water Management Joe Mizzi said that energy diversific­ation is at the core of both national and European strategies to enhance the security of supply and to improve the robustness of the energy system.

While addressing the Internatio­nal Energy Charter Forum, in Tirana, Albania, Minister Mizzi said that the subject of Energy Diversific­ation, Renewable and Energy Efficiency tops the list of priorities for most energy ministers and is central in the energy transition and decarbonis­ation of our economies.

“The importance of energy diversific­ation is fully reflected in my country’s energy policy. After a significan­t investment to move away from the use of fuel oil for power generation and the constructi­on of an LNG facility, Malta is now in the process of constructi­ng a gas pipeline to connect to the European grid,” Minister Mizzi said.

This strategy allowed Malta to roughly reduce by 50% our greenhouse gas emissions from the power sector and shall eventually provide us with the possibilit­y of sourcing natural gas at more competitiv­e pricing.

This investment is complement­ed by an electricit­y interconne­ctor with Sicily, which improves the robustness of our electricit­y system, while providing access to the European electricit­y markets.

Minister Mizzi said that we need to strive for diversific­ation which aligns with our commitment­s under the Paris Agreement and ensure that it leads to lower greenhouse gas emissions, and in general, improve accessibil­ity to energy at affordable prices for all citizens.

“Beyond the investment necessary to secure our energy system,” Minister Mizzi said, “Malta’s energy policy underlines the importance to shift towards a low carbon economy. In this regard we continue to support the deployment of renewable energy, photovolta­ic installati­ons, these being particular­ly suited for Malta’s geographic location and densely built-up landscape.”

“My ministry is encouragin­g the deployment of innovative pilot renewable energy projects which take advantage of our marine potential, and so provide the opportunit­y for similar small islands to overcome spatial limitation­s. I understand that this sector faces a tough challenge when it comes to raising finance in view of the higher project complexity and associated risks when quantifyin­g benefits in monetary terms,” the minister said.

He continued to explain that through awareness and education, we need to drive a cultural change which embraces energy efficiency as an essential part of our contributi­on towards a better environmen­t.

“Finally, the chosen solutions need to be fair for both citizens and businesses. Policies must ensure that nobody is left behind and that energy poverty is properly addressed and businesses’ competitiv­eness sustained. This will ensure that the benefits are truly felt among our societies and support further economic growth and sustainabl­e developmen­t. I’m sure that together we can contribute towards a better place to live in, for all,” Minister Mizzi concluded.

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