The number one problem which Cyprus is facing in relation to is future is to address the challenges arising from energy, in relation to the great goal of strengthening the resilience and competitiveness of the Cypriot economy, said President of the Republic Nikos Christodoulides.

Addressing an event on Wednesday evening of HELLENiQ ENERGY where the opening of EKO Energy Cyprus was announced, President Christodoulides said "as a Government we approach the wider energy sector as a top priority, it is the number one internal challenge we have to face today, taking into account the many other challenges, among others, in the functioning of the state and businesses as well as households".

The challenges, he said, naturally affect the state, Cypriot businesses and Cypriot households.

Noting that the expansion of HELLENiQ ENERGY's operations in Cyprus and its new investments in the Cypriot market constitute for the Government "one of the most important votes of confidence for the Cypriot economy", the President of the Republic assured that "as the Government we approach you as partners, as fellow travellers in this great challenge that we have before us to achieve the green transition, not only because we have to do so because of the facts, the debates, our obligations as an EU member state, as a state of the international community, but because we owe it to our own citizens".

Regarding the energy sector, President Christodoulides said that "our actions, as well as our related commitments, have a long-term goal of a green transition" and added that "promoting the use of renewable energy sources and improving energy efficiency have been our central strategic objective since the first moment we took office".

"We are developing the National Strategy for Hydrogen, while through special financial instruments we support the energy upgrade of our businesses," he said, adding that "the number one problem that businesses have concerns the energy sector. "

The President of the Republic said that "for the first time in the Republic of Cyprus, a sponsorship scheme has been announced for the energy upgrade and strengthening the competitiveness of large enterprises".

He also said that at the same time, in the conventional fuels sector, as a transitional solution, "we are aiming to complete the necessary infrastructure to bring in natural gas - natural gas is not the solution, natural gas is still a 'bridge' to achieve our goals - it is for electricity generation, as well as for the electrical interconnection of Cyprus with neighbouring countries".

"The Republic of Cyprus is the only EU member state that is energy isolated. So, it's another huge challenge in the energy sector that we are working to address," he added.

The promotion of renewable energy sources and energy efficiency, according to the President of the Republic, "is a central strategic objective of our governance".

He also said that "the EU's very ambitious targets - and we are constantly discussing this in Brussels, even the big countries consider the targets set as ambitious and difficult - for a climate-neutral continent by 2050, leave little room for complacency, and prescribe a rapidly changing business environment for every party in the energy supply chain, including the oil industry".