In an active step towards full compliance with EU Energy laws, Cyprus has adopted the European Commission’s new Energy Efficiency Directive (“EED”), one of only five EU states to do so by June 5th 2014, the prescribed deadline.
The EED aims at higher energy savings by 2030. The European Commission (“EC”) announced that the EED will result to new opportunities for EU businesses due to more affordable energy bills for consumers, and significant reduction of dependence on natural gas reserves. These are only a few of the expected benefits of the energy efficiency target for 2030 as put forward by the EC.
At present, the EU is forecast to achieve energy savings at the level of 18%-19% by 2020. However, reaching this target depends largely on all EU states’ implementation of the existing, agreed legislation.