In the past five years, consumers have paid around €570 million as a result of the Electricity Authority of Cyprus not switching to renewable sources for electricity production, an Audit Office report found.
The report shows that most Green House Gas (GHG) emissions on the island stem from electricity production using conventional fuels, accounting for approximately 70% of the total GHG emissions at a national level.
To this end, the Electricity Authority of Cyprus has to buy carbon allowances from the EU to acquire the right to emit powerful greenhouse gases. The total cost of these allowances rose to €569,581,932 between 2017-2022, the Audit Office found. This cost is passed on to electricity bills.
Emissions in Cyprus rising
According to the Audit Office, Cyprus has achieved the greenhouse gas reduction targets set for the period 2013-2020, within the agreed EU framework. However, it notes that in recent years, the country has increased its greenhouse gas emissions, while the trend in the EU is declining.
To address this, the Audit Office believes that a monitoring body should be established to track the implementation of environmental policies and expenses.
Specifically, regarding electricity production, the evaluation and promotion of energy sources with lower or zero emissions, such as natural gas and renewable energy sources, should be prioritised as soon as possible, the Audit Office stressed.
The EU aims to reduce its greenhouse gas emissions by at least 55% by 2030 (compared to 1990) and achieve climate neutrality by 2050.