Cyprus floats solar bank idea to EU

Cyprus floats solar bank idea to EU

In a proposal during a European Union Council of Transport, Telecommunications and Energy on Tuesday, Cyprus’ 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 technology in 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 also reached a political agreement on coordinated action to reduce natural gas demand. ekathimerini

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