Cyprus is set to face a \u20ac30 million reduction in revenue from emissions allowances next year, according to the agriculture ministry. The announcement came on Friday, ahead of parliamentary discussions regarding the ministry\u2019s budget.<\/p>\n
Agriculture Minister Maria Panayiotou, in a letter to the House Finance Committee, explained that the ministry\u2019s total income for 2025 is projected to decline by 11%. This decrease is primarily attributed to the reduced revenue from emissions allowances. The ministry anticipates earning \u20ac224.3 million in revenue next year, down from the estimated \u20ac252.4 million for 2024.<\/p>\n
Panayiotou detailed that the average price of emissions allowances is expected to decrease from \u20ac63 to \u20ac57 per unit in 2025. However, this dip will be partially offset by an increase in the number of units sold, rising from approximately 1.4 million in 2024 to nearly 1.75 million in 2025. She noted that as these units are sold through auctions, the actual income may fluctuate based on market conditions.<\/p>\n
Additionally, the ministry forecasts a \u20ac6 million decrease in income from the sale of government water resources. This reduction is due to the absence of back payments from previous years, which had boosted revenue in 2024.<\/p>\n
Despite the revenue shortfall, the agriculture ministry has proposed a budget of \u20ac516.7 million for 2025, significantly higher than the \u20ac400.8 million approved for the previous year. The ministry overspent its allocated budget this year, with expenditures reaching \u20ac456.9 million, largely due to the purchase of desalinated water.<\/p>\n
The proposed budget allocates 28% for payroll and staff benefits, 40% for other regular expenses, and 24% for development projects. However, it does not account for co-financed initiatives managed by the directorate-general for development under the finance ministry, which cost \u20ac39 million in 2024 and are projected to require \u20ac35 million next year.<\/p>\n
It was clarified that the directorate-general for development, which oversees these projects, operates independently of the European Commission\u2019s directorate-general for development (now known as DG Intpa).<\/p>\n
Source: Cyprus Mail<\/em><\/p>","protected":false},"excerpt":{"rendered":" Cyprus is set to face a \u20ac30 million reduction in revenue from emissions allowances next year, according to the agriculture ministry. The announcement came on Friday, ahead of parliamentary discussions regarding the ministry\u2019s budget. Agriculture Minister Maria Panayiotou, in a letter to the House Finance Committee, explained that the ministry\u2019s total income for 2025 is […]<\/p>","protected":false},"author":9,"featured_media":107305,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[211],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lamaisonestates.com\/he\/wp-json\/wp\/v2\/posts\/107304"}],"collection":[{"href":"https:\/\/www.lamaisonestates.com\/he\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lamaisonestates.com\/he\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lamaisonestates.com\/he\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lamaisonestates.com\/he\/wp-json\/wp\/v2\/comments?post=107304"}],"version-history":[{"count":1,"href":"https:\/\/www.lamaisonestates.com\/he\/wp-json\/wp\/v2\/posts\/107304\/revisions"}],"predecessor-version":[{"id":107306,"href":"https:\/\/www.lamaisonestates.com\/he\/wp-json\/wp\/v2\/posts\/107304\/revisions\/107306"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.lamaisonestates.com\/he\/wp-json\/wp\/v2\/media\/107305"}],"wp:attachment":[{"href":"https:\/\/www.lamaisonestates.com\/he\/wp-json\/wp\/v2\/media?parent=107304"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lamaisonestates.com\/he\/wp-json\/wp\/v2\/categories?post=107304"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lamaisonestates.com\/he\/wp-json\/wp\/v2\/tags?post=107304"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}