Cyprus generated net revenues of €488,171,491.42 from auctioning emissions rights between 2012 and 2024 as part of its participation in the European Emissions Trading System, according to a government briefing to parliament.
Cyprus participates in the European system whilst also paying significant amounts into it.
The funds returned to the Republic of Cyprus were allocated to actions and projects contributing to addressing and adapting to climate change, according to the government briefing.
These include energy efficiency and energy-saving programmes, promotion of renewable energy sources, green transport and sustainable mobility, environmental restoration and reforestation, and strengthening research and technical actions for emissions reduction and climate adaptation.
Under the current fiscal framework, these revenues are deposited in the Republic’s Permanent Fund and their utilisation is carried out through related expenditures included each year in the state budget by ministries and other competent bodies.
The institutional obligation to allocate 100% of revenues for climate policy purposes is satisfied through existing environmental and energy programmes incorporated each year in the state budget, according to the government.
2024 allocations
For 2024, the total revenue amounted to €94,672,282.06, with the largest allocation going to emergency income support for citizens to ease electricity bill costs, reaching €42,028,000.
A total of €3,881,000 was allocated to the University of Cyprus for measures aimed at improving the energy efficiency of building facilities.
Another €10,184,000 was allocated for rental fees of aerial and maritime means.
Public transport and mobility received €19,405,000.
Promoting electric mobility through electric motorcycles for the postal service received €2,308,000.