A Net Zero Economy

The Role Economic Players – Part 4

DAVID XUEREB

Malta, as an island nation, is clearly dependent on its building industry for economic growth and development. However, this industry has also been a significant contributor to the country’s carbon footprint and a high consumer of Malta’s natural resources. To address this challenge, Malta has set a goal to decarbonize its economy, which includes the building industry, as part of its Low Carbon Development Strategy.

The Malta Low Carbon Development Strategy outlines the key actions and initiatives necessary to transition to a low-carbon economy, including the building sector. To achieve this, Malta must repurpose its building industry to reduce its carbon footprint and improve economic resilience while focusing on the reimagined economy we need to be accountable to future generations.

One of the key actions that Malta needs to adopt aggressively and decisively are the design and implementation of resource-efficient buildings through consistent and robust regulations. These regulations will ensure that new buildings are constructed with materials and technologies that reduce their energy consumption and carbon emissions while retrofit work will be repurposed with similar ambitions. This will not only reduce Malta’s carbon footprint, but also improve the resilience of its building stock to extreme weather events and rising temperatures, while lowering operational cost and improve competitively.

Another important initiative is the promotion of further renewable energy sources, such as solar and wind, to meet the energy needs of buildings. This will not only reduce carbon emissions, but also continue to create new economic opportunities and jobs in the renewable energy sector.

To further support this transition, Malta also needs to invest in training, retraining and capacity building for its construction workforce while supporting the development of our local social capital. This will ensure that workers have the skills and knowledge necessary to support low-carbon building technologies to support the shift towards our committed ambitions.

Finally, Malta needs to work closer with the private sector to incentivize investment in low-carbon building technologies and practices. This includes providing tax incentives and other financial support to address existing market failures. Responsible economic reform will need to take this into account.