Nicosia: The European Commission has endorsed Malta's Social Climate Plan, marking it as the fourth national plan adopted under the Social Climate Fund. The plan aims to utilize revenues from carbon pricing to facilitate a fair and inclusive clean transition. Malta's plan, which will mobilize £60.6 million until 2032, includes £45.4 million in funding from the European Union.
According to Cyprus News Agency, the Social Climate Fund offers substantial financial support to EU Member States to finance measures and investments identified in their national Social Climate Plans. The Fund, operational from 2026 to 2032, is projected to mobilize at least £86.7 billion. It combines revenues from the new emissions trading system for fuel combustion in buildings, road transport, and additional sectors, alongside Member States' contributions, which must cover at least 25% of their plan costs.
Malta's Social Climate Plan is designed to assist vulnerable households in enhancing the energy efficiency of their homes and renovating apartments within public social housing complexes. This will be achieved through energy-efficiency upgrades, such as roof insulation, and the installation of renewable energy systems, including heat pump water heaters and photovoltaic systems with battery storage.