The Cyprus finance ministry said that the country is expected to invest over €3.1 billion ($3.2 Billion), both public and private, by 2030 on climate change.
“The Republic of Cyprus has programmed and utilises EU Funds to promote many projects that contribute to the green transition”, the Finance Ministry said in the Strategic Framework on Fiscal Policy, an annual document that precedes the annual state budget.
EU funds earmarked for green transition projects in Cyprus amount to €1.1 billion under the National Recovery and Resilience Plan and the Thalia programme on structural funds. The Finance Ministry estimated that along with the necessary national and private sector contribution as part of the various subsidy schemes, like building renovations and electronic vehicle purchases, total investments will amount to €3.1 billion.