The Eastern Mediterranean region has the potential to contribute to the diversification of the EU’s energy sources as it transitions from natural gas to new renewables and hydrogen, according to Energy Minister George Papanastasiou.
In order to facilitate the incorporation of renewable and low-carbon gases into the energy mix and enable the transition away from natural gas to achieve climate neutrality by 2050, Member States reached agreement in Brussels on the Council’s general approach to the package of proposals on natural gas and hydrogen.
Cyprus supports the measures in the package, according to Papanastasiou, who called it a crucial piece of legislation that will aid Member States in achieving the EU’s climate neutrality goals.
According to him, the package offers the chance to foster regional collaborations that will encourage hydrogen linkages between Member States and foreign nations.
The potential of the Eastern Mediterranean to contribute to the diversification of energy corridors and sources, and consequently, the energy security of the EU, was mentioned by the energy minister.
He pointed out that the package takes into account Cyprus’ unique characteristics as an energy-isolated and developing market. He emphasised that lowering and stabilising electricity prices for the benefit of consumers should be a top priority.
States in the EU also came to a political agreement to extend a Council regulation requiring a 15% reduction in voluntary natural gas demand before winter. The objective will be upheld until March 2024.
Papanastasiou complimented the Swedish Presidency for taking into account the unique characteristics of the Member States when putting policies in place to reduce petrol demand. Natural gas is not used in Cyprus. He applauded Greece’s suggestion that the EU needs a power system that can support and speed up the transition to a greener economy.
Interconnections with third nations, according to Papanastasiou, are a tool for moving electricity from renewable energy sources, such those from the Eastern Mediterranean to the Balkans.