10.09.2022
The Cyprus Chamber of Commerce and Industry (Keve) said this week that Eurochambers, an association of European chambers of commerce, has requested immediate measures to support businesses in the wake of rising electricity and natural gas prices.
The European Union of Chambers of Commerce and Industry met on September 7 in Prague and put forward a number of specific proposals. These include targeted financial compensation for businesses, balanced energy conservation policies and targeted temporary market interventions.
On the occasion of the Extraordinary Meeting of EU Energy Ministers to be held on Friday, September 9, the Chambers, in discussions with Czech EU Minister Mikulas Beck, stressed the adverse economic impact of high energy prices, the statement said. on the recovery and competitiveness of Europe.
“Extremely high energy prices could lead to a reduction in production, with disastrous consequences for business, the international competitiveness of the European economy and the labor market,” said European Chamber President Luc Frieden.
Moreover, the network of chambers called for solidarity and European solutions to ensure affordable energy for businesses and consumers. In addition, the European Chamber said in a statement that it is important to ensure that companies that have already invested heavily in energy efficiency are not further burdened.
However, where applicable, additional investments in energy efficiency and renewable energy should also be made, the report said.
“We urgently need targeted relief measures, including adequate financial compensation for businesses, as well as fast approval processes for sustainable projects,” Frieden said.
Moreover, the European Chamber of Commerce and Industry said it recognizes that temporary market intervention is necessary to ensure affordable prices for consumers and an economic decompression for businesses.
However, the European Chamber further stated that it is vital to ensure that any measures taken do not impede the functioning of the internal energy market and do not jeopardize decarbonisation, security of supply and energy conservation efforts both in terms of production and consumption.
“The Chambers are asked to find solutions at the European level in order to avoid unpredictable consequences for cross-border energy flows between Member States, and the European Commission must take measures and decisions that will ensure the interests of European business,” the conclusion says.
