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Industry critical to meeting EU energy efficiency targets

Industry critical to meeting EU energy efficiency targets

It is very significant that a third of the country’s largest businesses have voluntarily signed an agreement declaring measures to be taken to reduce their energy consumption. In fact, it highlights that not only is awareness of the importance of energy conservation present among the business sector, but so is motivation.

Industry has two important roles to play – to develop and make available improved energy technologies and to consume more efficiently.  Through the launch of the new Investing in Energy project, these three partners are widening their efforts to include medium enterprises.

Industry’s interest is not just in reducing utility bills. The impacts of climate change, particularly through changes in weather and rainfall, are evident to an ever-growing number from an ever-wider segment of the population. The demand and use of energy are both causes, as well as effects, of climate change. The realisation that energy conservation, apart from making business sense, also contributes to this socio-environmental challenge, is present among the business sector.

Any solutions to energy conservation are found directly through industry – industry is the sector that develops, markets and maintains technology through which this conservation is possible. Industry is also a key global energy consumer. Therefore, it has two important roles to play – to develop and make available improved energy technologies and to consume more efficiently.

Business can be supported in achieving these goals. The more support it has, the more it can do in a shorter span of time. Support should focus on linking all the brilliant minds within the business sector to facilitate knowledge exchange and implementation of energy technologies and practices.

Such initiatives will not only result in businesses being able to take effective action and bring about change, but information coming out of such initiatives could also help inform policy measures aimed at mainstreaming innovation.

The latter is a key role for Malta, which will be negotiating the legislative building blocks for greater energy efficiency at an EU level during Malta’s EU presidency.

The Investing in Energy project is led by the Malta Business Bureau in partnership with the Energy and Water Agency and the Malta Chamber of Commerce, Enterprise and Industry, with co-financing from the Regulator for Energy and Water Services and the Ministry for the Economy Investment and Business.

The Malta Business Bureau is the EU-business advisory office for the Malta Chamber of Commerce, Enterprise and Industry and the Malta Hotels and Restaurants Association.

Joe Tanti is the chief executive of the Malta Business Bureau.

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