Cyprus businesses are embracing ESG standards through a new certification program, gaining benefits like a 12-month ESG certificate, detailed score, action plan, and transparent reporting. The Artemis Credit Bureau partnership with the Association of Cyprus Banks and CRIF S.p.A. is introducing an ESG evaluation system in March 2024 to help Cypriot companies align with global sustainability benchmarks and enhance stakeholder trust.
What are the benefits of ESG certification for Cyprus businesses?
Cyprus businesses can gain numerous advantages from ESG certification: a 12-month ESG certificate showcasing commitment to sustainability, a detailed ESG score, a prioritized action plan for improvement, and a report of their questionnaire responses, aiding in transparency and stakeholder trust.
Strategic Partnerships for ESG Evaluation
Cyprus is witnessing a significant shift in its business landscape as the Artemis Credit Bureau teams up with the Association of Cyprus Banks and CRIF S.p.A. to bring a new ESG evaluation system to life. Starting in March 2024, Cypriot companies can volunteer to be assessed against Environmental, Social, and Governance (ESG) benchmarks, a move that is becoming increasingly crucial in today’s global market.
Yiannis Tomasides, the general manager of Artemis, emphasized the urgency for businesses to align with ESG standards. He pointed out that adopting an ESG strategy is not only beneficial but essential for commercial entities of all sizes and sectors. This initiative will guide businesses to navigate their efforts toward sustainability for their own advantage.
The Role of Artemis and the Synesgy Platform
Artemis Credit Bureau, serving as a central figure in this interbank initiative, will facilitate the connection between companies and Cypriot banks. The process begins with banks notifying companies about the opportunity to undergo ESG evaluation. A specialized questionnaire, which will be available on the ‘Synesgy’ digital platform, is designed to capture both qualitative and quantitative data from companies across all sectors in Cyprus.
The platform stands as a digital alliance aiding companies globally in their transition to sustainability. It provides companies with comprehensive assessments of their operations, including their supply chains, against the three pillars of sustainability. This tool will not only assist companies in gauging their performance but also support banks in streamlining their sustainable financing strategies, enhancing credit risk management in alignment with supervisory necessities.
Global Reach and the Benefits of ESG Certification
Synesgy’s reach is broad, currently operational in 76 countries, supporting 27 languages, and has already engaged over 620,000 companies through its digital interface. The platform adheres to international and European directives related to ESG standards, thereby fostering proper business development towards sustainability.
Dimitrios Bourpoulas, ESG Project Leader at Artemis, highlighted the platform’s potential to benefit companies irrespective of their scale. By participating, entities can obtain an ESG certificate valid for 12 months, signaling to stakeholders their commitment to sustainable practices. In addition to the certificate, companies receive a detailed ESG score, an action plan with prioritized improvement suggestions, and a downloadable copy of their questionnaire responses for reporting purposes.
Future Outlook on ESG Integration
The current phase is seen as a preparatory step towards a future where ESG criteria will likely become mandatory. By starting now, companies have a golden opportunity to embrace new technologies and manage non-financial data effectively, preparing them for the eventual full integration of ESG standards into their operations.
The evolving landscape of EU legislation and regulations on sustainable development is set to affect not only the banking sector but also companies directly. This change necessitates a shift in assessment criteria, from purely financial to encompassing sustainability metrics as well.
By adopting ESG criteria into their core strategies, businesses are not just future-proofing their operations but are also contributing to a larger movement towards a more sustainable and socially responsible global economy.
What are the benefits of ESG certification for Cyprus businesses?
Cyprus businesses can gain numerous advantages from ESG certification: a 12-month ESG certificate showcasing commitment to sustainability, a detailed ESG score, a prioritized action plan for improvement, and a report of their questionnaire responses, aiding in transparency and stakeholder trust.
How is Cyprus promoting ESG standards through partnerships?
Cyprus is promoting ESG standards through strategic partnerships with Artemis Credit Bureau, the Association of Cyprus Banks, and CRIF S.p.A. These partnerships are introducing an ESG evaluation system in March 2024 to help Cypriot companies align with global sustainability benchmarks and enhance stakeholder trust.
What is the role of the Synesgy platform in ESG evaluation?
The Synesgy platform, operated by Artemis Credit Bureau, serves as a digital alliance aiding companies globally in their transition to sustainability. It provides comprehensive assessments of company operations, including supply chains, against environmental, social, and governance benchmarks. This platform supports companies in improving their sustainability practices and assists banks in developing sustainable financing strategies.
What is the future outlook on ESG integration for Cyprus businesses?
The current phase of ESG integration in Cyprus is seen as a preparatory step towards a future where ESG criteria may become mandatory. By adopting ESG standards now, businesses can prepare for future regulatory changes and contribute to a more sustainable and socially responsible global economy.
