Cyprus President Critiques EU Climate Goals Amid Competitiveness Concerns

The President of Cyprus, Nikos Christodoulides, has raised concerns about the ambitious climate goals set by the European Union, citing potential implications for economic competitiveness. Despite energy transition targets, the feasibility of achieving these goals within the set timeframe remains doubtful without progress on key competitiveness issues.

The President of Cyprus, Nikos Christodoulides, has expressed concerns about the European Union's ambitious climate goals, cautioning that they may undermine economic competitiveness. Speaking at an energy conference after attending the COP29 climate summit in Azerbaijan, Christodoulides highlighted the challenges of reaching the EU's stringent emission targets.

The EU aims to drastically reduce net greenhouse gas emissions by 90% by 2040 and achieve net-zero emissions by 2050. However, President Christodoulides questioned the feasibility of these targets, emphasizing that significant progress in competitiveness is required if these ambitious goals are to be met within the timeline.

Cyprus is making strides to increase its renewable energy output, aiming for 33% by 2030, while still exploring offshore natural gas reserves as an interim energy solution. Meanwhile, global talks in Azerbaijan have yet to yield significant progress toward a new financial framework to support developing nations in their climate adaptation efforts.

(With inputs from agencies.)