Issue link: https://maltatoday.uberflip.com/i/1439469
11 maltatoday | SUNDAY • 26 DECEMBER 2021 NEWS Christmas specials Re-channelling property investment More strategic thinking has been shown in budget meas- ures aimed at the rehabilitation of buildings in Urban Conser- vation Areas. The measures ap- plicable to those buying proper- ties in UCAs as well as for those buying vacant properties in- clude the complete removal of capital gains tax and stamp du- ties on the first €750,000 in the price and a €15,000 grant rep- resent a more robust and ambi- tious package over similar but less comprehensive measures introduced in different budgets over the past decade, which so far have yielded limited results. This is one aspect where gov- ernment has shown a sense of long-term vision. The only loophole in all this is that these measures are also applicable to brand new developments built in a Maltese traditional style as this departs from the declared objective of rechanneling in- vestment to rehabilitating old and abandoned properties. Postponing major decisions But despite this tinkering, lo- cal communities have remained at the mercy of mega-devel- opment projects like the DB project approved in Pembroke earlier this year, or the 10-sto- rey development approved in Naxxar just weeks ago. And while the former was active- ly resisted by the local council whose mayor voted against, the latter was approved with the full support of the mayor. While some outrageous pro- posals like a hotel in Dingli cliffs have been refused by the PA board, environmentalists have to remain vigilant all the time, fully knowing that only perseverance leads to victory. And in 2021 environmen- talists spearheaded by Movi- ment Graffitti, a number of lo- cal councils and lawyer Claire Bonello have scored some ma- jor victories, like the revocation by the law courts of a permit for a waterpolo pitch in Marsascala and Fortina's decision to aban- don plans to turn Balluta in to a ferry landing port. But with the election around the corner, government seems to have postponed major deci- sions on a proposed yacht ma- rina in Marsaskala, a proposed flyover passing through agricul- tural land in Qormi and on land reclamation. The risk is that re-elected with a super-majority, the next gov- ernment may be emboldened to ride rough shod on local com- munities during the initial years of the next administration. Energy dilemmas Even the government's own plan to reduce carbon emis- sions seems based on the prem- ise of eternal economic growth, even in the construction indus- try whose carbon footprint – including the carbon embedded in cement – remains ignored and unknown. The plan which at least gives a sense of long-term direction in terms of energy policy still fore- sees that Malta's building stock will increase by 20% by 2050. For new buildings, government is still considering design cri- teria for efficiency standards, including a detailed feasibil- ity study on how to balance increased upfront costs with savings, in the form of reduced bills. The plan suggests that such measures are most needed to mitigate an increase in emis- sions between 2020 and 2030 as in this period electricity will still be "supplied locally" from gas plants. Moreover Malta's major re- duction in carbon emissions will take place between 2030 and 2040 when emissions de- crease from the current 2,300 kilotonnes of carbon, to 1,700 in 2030, and less than 500 in 2050. But emissions from the nat- ural gas plants will grow from 2020 to 2030 as plant utilisation increases, a period coinciding with Electrogas's 18-year power and gas purchase agreement. In 2021 environmentalists spearheaded by Moviment Graffitti, a number of local councils and lawyer Claire Bonello have scored some major victories, like the revocation by the law courts of a permit for a waterpolo pitch in Marsascala and Fortina's decision to abandon plans to turn Balluta in to a ferry landing port