The Chamber of Commerce has urged the business community to maximise energy efficiency and consider investment that leads to the generation of alternative energy sources and/or more energy-efficient operating methods.

It said in a statement that it will shortly be launching an EU-funded project to enable energy audits and mentoring to businesses aimed at eliminating wastage and enhancing energy efficient processes. The project will result in significant cost reductions for local business, which savings could be redirected towards investment in renewable energy sources and towards enhancing further competitiveness, the chamber said.

The chamber said that during the past weeks it pressed hard for proper consultation to take place on the utility tariffs.

"It did so mostly behind the scenes and this approach was respected by the authorities and ultimately vindicated," the chamber said.

The guiding principle behind its recommendations was that at this present time, the country as a whole could not afford to compromise investment and employment opportunities with sudden policy changes that did not give sufficient notice to entrepreneurs to plan accordingly. It gave a number of practical recommendations which the authorities took notice of.

The chamber said the arguments it had made convinced the government to modify its proposals and to render them slightly more workable for industry and the business community.

"Within the tight financial constraints and pressures to eliminate subsidies almost completely, the Chamber is convinced that it managed to obtain as much cushioning as possible," the chamber said, adding that the cost to all operators and society was still going to increase.