As the world deals with the climate crisis and seeks alternative sustainable energy solutions, Malta finds itself at a crossroads. The urgency to shift to renewable energy sources has never been greater. Among the various renewable options, wind energy stands out as a particularly promising one for Malta.
Delaying investment in wind energy could have significant negative repercussions for the environment, the economy and Malta’s energy security. We cannot afford to wait any longer to invest in wind energy.
In the past, Malta’s reliance on fossil fuels contributed significantly to its carbon footprint. Wind energy offers a clean and sustainable alternative solution, by reducing greenhouse gas emissions. By investing in wind energy, Malta can make substantial progress towards its climate goals and contribute to global efforts to combat climate change.
The European Union has set ambitious targets for renewable energy adoption and carbon reduction, and Malta, as an EU member, is obliged to meet these targets.
Currently, Malta’s renewable energy share stands at 13 per cent, which is quite a long way to go to reach the target currently set for 2030 of 32 per cent.
Falling behind these targets could result in penalties and damage to Malta’s reputation on the international stage. Early and robust investment in wind energy will ensure that Malta not only meets but potentially exceeds these targets.
There are various economic benefits in investing in wind energy. One can stimulate the Maltese economy by creating new jobs and industries. From the construction of wind farms to the maintenance and operation of turbines, wind energy projects can provide employment opportunities and foster economic development. This can help diversify Malta’s economy and reduce its dependence on traditional sectors.
Currently, Malta relies heavily on imported energy, gas, which exposes it to volatile global energy prices and possible supply disruptions. Wind energy can enhance Malta’s energy independence by providing a reliable and locally sourced power supply. This can stabilise energy costs and improve air quality.
Wind energy technology has advanced significantly over the past few decades. In fact, in my thesis way back in 2008, it was found that the price of having an offshore wind farm was very expensive especially for our country, where we are surrounded by deep water. Today, modern turbines have become more efficient, cost-effective and capable of generating electricity even at lower wind speeds.
The cost of wind energy has been declining steadily, making it increasingly affordable. These advancements make wind energy a viable and competitive option for Malta. Investing now allows us to capitalise on these cost reductions and benefit from lower energy prices in the long term. Delaying investment could mean missing out on the financial advantages that come with current low costs and technological efficiency.
One must note the significant improvement in air quality in Malta if we embark on wind energy. Cleaner air contributes to a healthier population and lowers healthcare costs. Wind energy is a sustainable resource that does not deplete over time. Unlike other types of extracted fuels, wind energy doesn’t harm the environment. By investing in wind energy, Malta can protect its natural landscapes and ecosystems for future generations.
There are numerous international funds and grants available for renewable energy projects which the government can tap. By acting now, Malta can take advantage of these financial supports to offset initial investment costs. Delaying could mean losing out on these opportunities as competition for the tapping of funds increases.
According to the International Energy Agency, it is estimated that onshore and offshore wind will generate more than one-third (35 per cent) of total electricity needs, becoming the prominent generation source by 2050. Nonetheless, in 2022, the wind investment in Europe was the lowest it has been since 2009, a stark reminder to policymakers and governments who need to restore investor confidence.
During the last 25 years, the global energy landscape has shifted towards renewables. Countries around the world are accelerating their investment in wind energy. While Malta is doing its part, we must keep pace with these global trends to remain competitive and avoid being left behind.
Malta stands at a pivotal moment in its energy journey. Malta must also continue tapping into other renewable energy resources such as solar energy. However, we know that it will take us a long time to reach EU targets solely focusing on solar energy. The costs of inaction, on the other hand, are equally significant. Malta cannot afford to delay its investment in wind energy any longer.
By committing to wind energy now, Malta can secure a sustainable, prosperous and resilient future for its citizens and serve as a model for other nations in the transition to renewable energy. Early adoption can position Malta as a leader in renewable energy in the Mediterranean region.
Malta can become the bridge between Europe, which is renewable-energy-focused, and the African continent, which is still reliant on fossil fuels.
Noel Cassar is a University of Malta visiting lecturer in the Faculty of Finance and Economics.