Policy Gaps and Financial Barriers for Deep Energy Renovations in Cyprus and Greece

Insights from the International Conference on Economics and Social Sciences in Bucharest –
The International Conference on Economics and Social Sciences (icESS) organized by Bucharest University of Economic Studies and held in Bucharest 15-16 June, was a significant gathering of experts, researchers, and policymakers from Romania and around Europe. The event served as a platform for exchanging knowledge and experiences on pressing global challenges. One crucial topic discussed was the policy gaps and financial barriers impeding deep energy renovations in Cyprus and Greece. This article aims to shed light on the insights shared during the conference regarding this issue.

Published: 11 July 2023

In recent years, there has been an increasing focus on energy-efficient renovations as a crucial aspect of sustainable development. However, despite the environmental and economic benefits, the deep energy renovation sector in Cyprus and Greece faces several challenges. Policy gaps and financial barriers hinder progress in achieving ambitious energy efficiency targets and transitioning towards a greener future.

During the conference, results from UPGREAT project, were presented that emphasized the urgent need for comprehensive policy frameworks that support and incentivize deep energy renovations. The absence of clear and consistent regulations, coupled with a lack of long-term vision, impedes progress in both countries. Policies should promote energy-efficient technologies, establish standards, and encourage the use of renewable energy sources. By filling these policy gaps, governments can create an enabling environment for deep energy renovations to thrive.

Financial constraints emerged as a significant obstacle in implementing deep energy renovations. The findings of the study presented indicated the importance of innovative financing mechanisms and the need for strategic investments. Participants, in line with UPGREAT’s results, stressed the significance of public-private partnerships, energy efficiency funds, and financial incentives to attract private capital and mitigate financial risks. By providing financial support and reducing the upfront costs of renovations, these barriers can be overcome.

Participants learning about the EUKI UPGREAT project, Photo: ©Magdalena Iordache – Platis | University of Bucharest

Participants in the conference also showcased successful case studies from other countries that have effectively addressed similar challenges. Insights from these experiences offered valuable lessons for Cyprus and Greece. For instance, the implementation of favorable tax incentives, low-interest loans, and innovative financing models in countries such as Germany has stimulated the deep energy renovation market. Adopting and adapting such best practices could help overcome policy and financial obstacles in the region.

The International Conference on Economics and Social Sciences in Bucharest served as a valuable platform for discussing the policy gaps and financial barriers impeding deep energy renovations in Cyprus and Greece. Through comprehensive policy frameworks, innovative financing mechanisms, and lessons learned from international best practices, these challenges can be effectively addressed. The conference demonstrated the importance of collaborative efforts and knowledge sharing to promote sustainable development and accelerate the transition to a low-carbon future.

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