Long term strategy and Green Bonds welcome, Rapid Progress Required – MDA Renewable Energy section.
The MDA’s Renewable Energy section welcomes the various initiatives announced in the Budget of various schemes and initiatives towards the transformation of Malta into a Greener Economy. At the same time, it wishes to stress the importance that the island continues to accelerate its strategy in the area to catch up with its European peers.
Reviewing the latest initiatives announced in the Budget, the MDA’s Renewable Energy Section appreciates the return of various schemes in the area, particularly those relating to incentives for the installation of more PV’s, both domestic and commercial, the re emphasis on the deployment of more energy efficient water heating by means of solar water heaters and heat pumps and a commitment towards a more sustainable and long Feed-In-Tariff regime.
Also, the announced new plan to introduce Green Bonds, through the Malta Stock Exchange and a policy commitment towards a ‘Net Zero Carbon Neutral’ policy are considered by the section a key indicator of the Government’s overarching future direction in this area.
Commenting on these proposals, Ing. Mario Cachia, Head of the MDA’s Renewable Energy Section welcomed the initiatives announced. “As MDA’s Renewable Energy Section, we have, over the past months put forward our robust framework ideas to government based on the implementation of a long term strategy for this sector. We welcome government’s commitment in the budget to finalize the Low Carbon Development Strategy and we remain committed to open dialogue with the main stakeholders.”
According to the latest available data on Eurostat, by 2018, Malta’s share of energy generation from renewable energy sources stood at 8%. This is relatively low when compared to the EU’s 20% target of energy from renewable sources by 2020.
“This shows that there is much more to be done in this sector. The MDA wants to transform this RES deficit into a big economic opportunity for the benefit of all,” MDA’s Director General, Marthese Portelli said. “Whilst acknowledging the boost given to the renewable energy sector over the past years, more rapid progress needs to be achieved so that Malta can show its steadfast commitment toward a better and more sustainable quality of life”, she added.