European businesses ask for government support measures

The Cyprus Chamber of Commerce & Industry (Keve) this week said that Eurochambers, the association of European chambers of commerce, has requested immediate support measures for businesses against the rising prices of electricity and natural gas.

The European Union of Chambers of Commerce & Industry met on September 7 in Prague and put forward a number of specific proposals.

These include targeted financial compensation for businesses, balanced energy saving policies and well-targeted, temporary market interventions.

As stated in the announcement, on the occasion of the extraordinary meeting of EU energy ministers that will take place on Friday, September 9, the Chambers, during a discussion with the Czech EU Minister Mikulás Bek, underlined the adverse economic effects of high energy costs on the recovery and competitiveness of Europe.

“Extremely high energy prices could lead to production cuts, which would have disastrous consequences for business, the international competitiveness of the European economy and the labour market,” European Chambers president Luc Frieden said.

Moreover, the network of chambers called for solidarity and European solutions to ensure affordable energy for businesses and consumers.

In addition, the Eurochambers announcement stated that it is important to ensure that companies that have already made significant investments in energy efficiency are not further burdened.

However, where applicable, additional investments in energy efficiency and renewable energy sources should also be made, the announcement added.

“We urgently need targeted relief policies, including adequate financial compensation for businesses, as well as fast permitting processes for sustainable projects,” Frieden said.

What is more, the European Chambers of Commerce and Industry said that it recognises that temporary interventions in the market are necessary to ensure affordable prices for consumers and for the economic decompression of businesses.

However, Eurochambers went on to say that it is vital to ensure that any measures taken do not impede the functioning of the internal energy market, nor jeopardize decarbonisation, security of supply and energy saving efforts, both in terms of production, as well as in the consumption sector.

“The Chambers are asking for solutions at the European level to avoid unpredictable effects on cross-border energy flows between member states, and the European Commission should take measures and decisions, that will ensure the interests of European businesses,” the statement concluded.