Cyprus: Global Energy Crisis Is an Opportunity to Tackle Climate Change

Abstract

Russia’s invasion of Ukraine has given rise to many challenges across EU Member States, with the resultant new emerging security structure reshaping priorities in both foreign and public policies. The rise of energy prices and concerns over food security seems to have caused cost-push inflation that in turn questions macroeconomic stability, public finances and social cohesion. This spike is worrying for EU capitals and creates feelings of a vicious downward spiral where supplies of products and services may not be sufficient to keep up with demand. Nicosia needs to look for solutions. However, this difficult situation could be turned into an opportunity for reducing oil dependency, speeding up offshore energy programmes and accelerating efforts to tackle challenges emanating from climate change.