Supporting the Economic Recovery of Cyprus with a View to Energy and Climate Policy

Host Organisation: The Cyprus Institute
Project Budget: 24.730,13 €
IDEK Funding: 24.730,13 €

In an uncertain and rapidly changing economic and policy context due to the measures for mitigation of the COVID-19 pandemic, the proposed project will explore pathways for a green economic recovery of Cyprus in the short and medium term. It will take into consideration, apart from the obvious need to restore economic activity and employment to pre-crisis levels, the challenges posed by the climate emergency. Thus, the project has two objectives:
(i) To develop a methodology and an accompanying policy toolkit for climate mainstreaming of economic, technological and innovation policies, which can immediately be applied in Cyprus, but also in other national contexts; this will enable proposing and assessing economic recovery measures through the lens of both employment and climate priorities;
(ii) To evaluate the medium-term effect of changing economic conditions on the Cyprus energy and climate strategy and propose measures to keep the country in a decarbonisation path.
As the methodology and results will be co-developed with the Cypriot Ministries of Finance, Energy and Environment, the project will be beneficial for the socio-economic development of Cyprus because it will propose short-term economic recovery measures after the pandemic, which can yield immediate positive outcomes both for employment and for the environment; it will provide a methodology to align short- and medium-term economic priorities, including innovation actions, with the need to address the climate emergency; and it will assist national authorities to design climate-proof economic and technological support policies and to assess how the pandemic affects the energy and environmental prospects of Cyprus. Project results will be transferable to other countries as well.
The project is in line with the Host Oganisation’s strategy to play a leading role in sustainability policy in Cyprus and the region, hence it will contribute to establishing the HO as a reference centre in Cyprus and the region of Eastern Mediterranean and Middle East.