President Nikos Christodoulides plans to implement green taxes by the end of 2024 to promote ecofriendly habits and energysaving practices. Stakeholder collaboration will be key in the transition towards sustainability, with compensation measures and incentives playing a crucial role in encouraging individuals and businesses to adopt greener practices.
The debate on green taxation in Cyprus delves into the economic and environmental impacts of imposing carbon taxes on sectors like tourism, industry, and agriculture. This crucial discussion aims to strike a balance between sustainable development and financial viability, highlighting the nation’s commitment to a greener future.
Green taxes in Cyprus, like the fivecent “green tax” on fuel, are expected to push fuel prices up by 1011 cents, potentially reaching 16 cents per litre with additional VAT and the end of state subsidies. This financial burden may strain households and businesses, highlighting the delicate balance between sustainability and economic stability.
