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9 EDITORIAL BusinessToday is published every Thursday. The newspaper is a MediaToday publication and is distributed to all leading stationers, business and financial institutions and banks. MANAGING EDITOR: SAVIOUR BALZAN EDITOR: PAUL COCKS BusinessToday, MediaToday, Vjal ir-Rihan, San Gwann SGN9016, Malta Newsroom email: bt@mediatoday.com.mt Advertising: afarrugia@mediatoday.com.mt Telephone: 00356 21 382741 11.5.2023 I n October last year, Environment and En- ergy Minister Miriam Dalli was quoted say- ing that the government was working on a framework for floating offshore wind farms. Since then nothing has been published and one would presume that the studies are still going on. Meanwhile, Finance Minister Clyde Carua- na last week announced that the government had received 15 proposals from the private sector to develop offshore wind farms within Malta's continental shelf. e proposals were responding to an expression of interest issued by the govern- ment for the development of Malta's vast continental shelf. Caruana did not elaborate but said the pro- posals were from large international compa- nies and the projects were concentrated in an area off the northern coast of Gozo. He went on to say that the country could no longer depend only on gas for its electricity needs. e minister said that during the summer months, government will complete the ex- pression of interest process so that the plans could be published in time for the budget. At the same time, the Energy Minister recently went was on record calling for increased investment in renewable energy sources, adding that €24 billion in deposits were sitting idly in banks. Dalli called on prospective investors to redirect these funds into greener business ventures. is leader augurs that all this talk about wind power will eventually lead to concrete investment. Wind farms have gone on and off the agenda multiple times over the past two decades. Admittedly, today's technology makes floating offshore wind farms a more feasi- ble option although cost remains a critical factor, especially in deep waters like those around Malta and Gozo. If the government means business about investing in large-scale floating offshore wind farms it has to get its act together and ensure that the different ministries sing from the same hymn book. It was strategically a wise move to invest in a new gas-fired power station in 2014 because it ensured Malta retained a domestic source of energy that used cleaner fuel. e power station balanced the risk of depending solely on an undersea interconnector. Nonetheless, gas is a commodity that Malta has to import, leaving the country dependent on market forces for electricity generation. Wind energy does not depend on the whims of other countries or market forces. It is freely available although it comes with the risk of intermittence that will still require the country to have other power generation sources. But there is no doubt that Malta sorely needs to make some big investments in large-scale wind energy projects. Government can tap a myriad of invest- ment options, including EU funds and specif- ic green bonds to entice the cash sitting idly in banks to be used for the country's benefit. e EU's Green Deal and the war in Ukraine have underscored the importance of more investment in renewable energy. Making the green transition is a must although wind and solar on their own can never be the panacea some make them out to be. e world will still need a mix of energy sources and Malta is no exception. Strategically Malta needs to have a gas- fired power station that could eventually be transformed to work on clean hydrogen. It also needs a second interconnector cable to Sicily as an additional backup. It should also explore the possibility of floating nuclear reactors, possibly in partnership with neigh- bouring Italy. But the energy mix must also include large- scale offshore wind farms that will give the country a measure of self-reliance in electric- ity generation. Malta cannot keep postponing such an investment. We owe it to the young genera- tion and those that are still to come to ensure the country has a clean source of energy that also gives the islands some strategic auton- omy. Harnessing the wind: clean energy and strategic autonomy

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