Cypriot Minister of Energy, Commerce, and Industry, George Papanastasiou, has put forward a proposal for the establishment of an EU “solar bank.” This specialized instrument is intended to finance the solar industry within the EU.

As per a press release from the Ministry, Papanastasiou made this proposal during his address at a working lunch as part of the EU Council of Transport, Telecommunications and Energy in Brussels. The focus of the working lunch was the current status of the EU solar energy industry and the future of photovoltaic panels within the Union.

In the discussion, Papanastasiou proposed what he termed a “Solar bank,” a financial institution dedicated to supporting solar technology products, similar to the recently established Hydrogen Bank. The Cypriot Minister also declared Cyprus's readiness to sign the joint declaration in support of the EU solar industry.

Papanastasiou emphasized the need for flexibility in the EU electricity production system. This includes, among other measures, redesigning electricity grid levies, implementing smart technologies, and establishing appropriate regulatory frameworks.

During the Council's deliberations, EU member states reached a political agreement on the Council's recommendation for coordinated action to reduce natural gas demand.

Papanastasiou expressed his support for the Belgian presidency's compromise proposal. He noted that the recommendation takes into account the unique circumstances faced by member states, including those not directly interconnected with natural gas networks, such as Cyprus.

Regarding discussions on security of supply and preparations for the upcoming winter, the Cypriot Minister underlined the importance of adopting specific measures to address future crises. These measures include diversifying energy sources, completing interconnections, and further developing renewable energies.

The EU Ministers were also informed by the Ukrainian Minister of Energy, German Galushchenko, about the energy situation in Ukraine.