On 11 July, President of Latvia Egils Levits met with the Governor of the Bank of Latvia Mārtiņš Kazāks to discuss the current state and future projections of the Latvian economy. President Levits and Governor Kazāks both underlined that national energy policy will require bold and ambitious vision from the government.
Egils Levits and Mārtiņš Kazāks emphasised the need to carry out sustainable and ambitious structural changes in the national economy to ensure new energy consumption patterns in future based on current developments. ‘Latvia needs a regional approach to energy management while also taking care of its own needs,’ President of Latvia Egils Levits pointed out. On-going energy consumption discussion among various stakeholders in Latvia should focus additional capacities and also energy efficiency and its dimensions, said Governor Kazāks. ‘If we engage all available capacities under current energy efficiency, or lack of it, the costs will remain high,’ Mārtiņš Kazāks said. President of Latvia echoed the concern and urged to consider legal and administrative solutions for boosting residential apartment building thermal insulation upgrade process and building certification.
Both officials expressed their support for government plans to introduce targeted social assistance to residents given the inflation, especially in energy sector. President Levits and Governor Kazāks both said government should start spreading information about technical criteria for receiving social assistance as soon as possible, way ahead of the next heating season. Government should also continue structural reforms in the economy, including addressing skills gaps and digital transformation, which are vital for further well-being of Latvia and its people.