Monaco is known for its luxurious lifestyle, stunning natural beauty, and a strong commitment to environmental sustainability. Despite its small size, the Principality has been at the forefront of combating energy poverty through a combination of innovative policies, investments in renewable energy, and public-private partnerships, reports.

One of the key strategies adopted by Monaco to tackle energy poverty is the implementation of a comprehensive energy transition plan. This plan, which was launched in 2016, aims to reduce the Principality’s greenhouse gas emissions by 50 percent by 2030 and achieve carbon neutrality by 2050. The plan includes a range of measures designed to promote energy efficiency, encourage the use of renewable energy sources, and support low-income households in meeting their energy needs.

A significant component of Monaco’s energy transition plan is the promotion of energy efficiency in buildings. The Principality has implemented strict building regulations that require new constructions to meet high energy efficiency standards. Additionally, the government offers financial incentives to encourage property owners to undertake energy efficiency renovations in existing buildings. These incentives include grants, low-interest loans, and tax rebates, which help to reduce the financial burden on households and make energy efficiency improvements more accessible.

Another important aspect of Monaco’s strategy to combat energy poverty is its investment in renewable energy sources. The Principality has set an ambitious target of sourcing 20 percent of its electricity from renewable sources by 2030. To achieve this goal, Monaco has invested heavily in solar energy, with solar panels being installed on public buildings, schools, and even the iconic Monte Carlo Casino. The government has also launched a solar energy buyback program, which allows households and businesses that generate excess solar power to sell it back to the grid at a guaranteed price.

Public-private partnerships have played a crucial role in Monaco’s efforts to tackle energy poverty. The Principality has partnered with private companies to develop innovative solutions that help to reduce energy consumption and promote renewable energy use. One such partnership is with the French company Engie, which has developed a smart grid system that optimizes energy distribution and consumption in Monaco. This system uses advanced technology to analyze real-time data on energy usage and adjust the supply accordingly, resulting in more efficient energy use and reduced greenhouse gas emissions.

Monaco’s commitment to combating energy poverty extends beyond its borders, as the Principality actively supports international initiatives aimed at addressing this issue. Monaco is a member of the International Renewable Energy Agency (IRENA) and the United Nations Sustainable Energy for All initiative, which seek to promote access to affordable, reliable, and sustainable energy worldwide.

Energy Portal EU is full of praise for Monaco’s energy policies, saying that its innovative strategies for combating energy poverty serve as an inspiring example for other countries to follow. By implementing a comprehensive energy transition plan, investing in renewable energy sources, and fostering public-private partnerships, the principality has demonstrated that it is possible to address energy poverty while also promoting environmental sustainability and economic growth. As the world continues to grapple with the challenges of energy poverty and climate change, Monaco’s approach offers valuable lessons and potential solutions for a more sustainable and equitable future.

PHOTO: The solar road on Avenue des Papalins in Fontvieille Transition Énergétique de l’Etat de Monaco