Cyprus urged to invest fiscal gains in modernising energy and water systems amid climate challenges
Cyprus faces a critical moment to leverage its upgraded A credit rating to address structural economic weaknesses, especially in energy and water sectors. Despite strong economic growth and a reduced public debt, experts emphasize the need for strategic investment rather than continued fiscal surplus accumulation. Both the IMF and Cyprus' Fiscal Council highlight the importance of prioritizing modernization of energy infrastructure and climate adaptation to enhance economic resilience.
The island's electricity system, heavily reliant on imported petroleum, suffers from high costs and inefficiencies; renewable energy curtailment due to inadequate infrastructure wastes existing capacity. Simultaneously, water scarcity exacerbated by drought and climate change demands integration between energy and water policies. Improvements such as reducing water loss in aging networks and deploying smart technologies in both utilities could save costs and support renewable energy use.
Cyprus is encouraged to develop a comprehensive Energy-Water-Climate-resilience plan to 2040, focusing on smart investments and infrastructure upgrades. This strategy aims to secure affordable utilities and economic competitiveness in a warming climate, leveraging public and private funding to transform natural resource management and ensure long-term sustainability.
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