Are Renewable Energy Credits from Other Countries Worthwhile Than PV's in Malta towards the Energy Transition?

The Kyoto Protocol, the Bali Roadmap, and the European Union (EU) demonstrate that economies must reduce carbon emissions and also to encourage participation of Electric Vehicles (EVs). Government grants, economies of scale and general awareness including global warming have all contributed in kickstarting this energy transition. In 2008 the EU has set a 2020 target for all UE member states according to their resources. Malta’s share was set at 10 %. However, Malta has consistently lagged behind on its annual emission reduction plans and has long been on course to miss the final 2020 goal. The country is also lingering behind in its progress towards the next set of target due by 2030. Malta has recently signed an agreement to purchase 2 Million euros a year worth of 100GWh/year renewable energy credits from Estonia to make up for the energy gap needed to reach the 10 percent Target.. This paper presents a comparison study considering different levels of PV support schemes and systems, domestic vs utility-scale to renewable energy buyouts. At first glance the renewable energy buyout seem financially doable not considering many other external and complimenting factors of having PVs locally