Developers see ‘big economic opportunity’ in green economy

The Malta Developers Association is pressing the authorities to accelerate their green economy efforts, eyeing a sizeable economic opportunity in renewable energy.

The association’s renewable energy section said that it welcomed the various schemes and initiatives related to a greener economy in the budget, but stressed the need for Malta to catch up with its European peers.

It welcomed the return of various schemes, particularly those relating to incentives for the installation of more photovoltaic panels, renewed emphasis on the deployment of more energy-efficient water heating and a commitment towards a more sustainable feed-in tariff regime. The section also mentioned the new plan to introduce green bonds through the Malta Stock Exchange and a policy commitment towards a net zero carbon neutral policy.

At present, Malta generates approximately 8% of its energy from renewable sources, falling far short of the EU’s target of 20% 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 director-general Marthese Portelli maintained. “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.”