Cyprus is investing €500 million in cleaner fuels and renewable energy to achieve sustainable economic growth by 2030. With initiatives like “Vision 2035” and support from the European Investment Bank, Cyprus aims to become a resilient leader in global sustainability, focusing on renewable energy research and a high-tech economy.
What is Cyprus’ strategy for achieving sustainable economic growth?
Cyprus is committed to sustainable economic growth by investing €500 million in cleaner fuels, renewable energy, and sectors like transport and agriculture. The country aims to meet its 2030 sustainability targets, supported by initiatives such as “Vision 2035” for energy efficiency and the European Investment Bank’s €257 million for smart, green investments. With a focus on renewable energy research and a high-tech economy, Cyprus strives to become a resilient leader in global sustainability.
Invest Cyprus and the Vision for a Green Future
In the heart of the Mediterranean, Cyprus stands at a crossroads of civilizations and now, it faces another pivotal moment – the quest for sustainability. Marios Tannousis, CEO of Invest Cyprus, the National Investment Promotion Authority of Cyprus, embodies this drive. He believes in a future where Cyprus is not just a strategic location but a beacon of sustainable growth within the European Union.
Cyprus is gradually shifting its gears toward becoming a tech hub and a dynamic financial center, with strengths in fund and asset management. Invest Cyprus is at the forefront, promoting green field investments and fostering international collaborations across sectors like energy, hospitality, healthcare, education, and shipping. These efforts serve a dual purpose: they underline Cyprus’ potential as a top business and investment destination, and they contribute to the economic expansion and job creation that are crucial for the country’s future.
Under Tannousis’ leadership, Invest Cyprus’s primary objective is to attract Foreign Direct Investment by showcasing strategic advantages and providing comprehensive support to investors. This involves a close partnership with various stakeholders to facilitate a seamless investment experience, reinforcing Cyprus’ competitive edge as an attractive location for global business ventures.
Cyprus’ Strides Towards Sustainability
The country’s journey towards a sustainable economy has been recognized on an international level. Recently, Cyprus found itself among six European nations advancing towards their 2030 energy sustainability targets. This progress is especially remarkable considering the country’s previous ranking in achieving the United Nations’ seventh sustainability development goal.
Committed to battling climate change and fostering a green transition, Cyprus plans to invest €500 million by 2026. The focus is on cleaner fuels, like natural gas and renewable energy sources, while also pouring resources into sectors such as transport, agriculture, and waste management. These initiatives are aligned with over half of Cyprus’ Sustainable Development Goals (SDGs) targets either being achieved or being on track.
However, the path forward isn’t without challenges. Cyprus still faces hurdles in areas like agricultural nitrogen use, water imports, waste recycling, and CO2 emissions. Addressing these issues is essential for the nation to meet its 2030 sustainability targets and further enhance its green economy.
Economic Resilience and Competitive Strategies
As part of “Vision 2035”, Cyprus is nurturing a future centered on renewable energy systems, energy efficiency, and carbon emissions reduction. This vision supports a shift to a circular, zero-waste economy, fostering Environmental, Social, and Governance (ESG) criteria in all sectors. The European Investment Bank’s contribution of €257 million bolsters this vision, with substantial amounts earmarked for smart and green investments, including the support of the THALIA programme and wastewater infrastructure projects.
The goal is clear: to fill the gaps identified by the Europe Sustainable Development Report and continue the nation’s march toward sustainability. With a strategic location bridging the Middle East and North Africa, both of which are grappling with the effects of climate change, Cyprus not only has the opportunity to assist but also must safeguard its environment to remain resilient.
In recent EU reports, growth models have been proposed that could further Cyprus’ economic growth by 10 to 12 percent. These include establishing Cyprus as Europe’s business and trade hub, becoming a leader in sustainability with a focus on renewable energy research, and transforming the island into a high-tech capital specializing in sectors like e-health and green technology.
Cyprus’ Role in Global Sustainability
Cyprus’ ambitions extend beyond its shores; it aims to carve out a global reputation as a leader in sustainability. This requires a harmonious private-public collaboration across all economic sectors. Moving away from traditional advantages like low tax rates, Cyprus is developing a holistic appeal for businesses to thrive, spurred by innovation and creativity from centers of excellence like CYENS.
The strategic plan for 2024-2026 is fully aligned with the Republic’s broader goals, emphasizing sustainability in investment projects across strategic sectors like hi-tech, energy, tourism, healthcare, and regulated services. With the advent of credible metrics for sustainable finance and ESG, Cyprus is also witnessing international investment and expertise flow into the country, strengthening its position in the EU and MENA markets.
An upcoming milestone for Cyprus is the “International Conference on Sustainable Finance,” set to take place on April 9. Organized by ISO & CYS and focusing on “International Perspectives on Sustainable Finance,” the conference represents a crucial step for the Cypriot business and finance community. Invest Cyprus, as the strategic partner, fully supports this initiative, which underscores the importance of sustainable finance for Cyprus’ economic aspirations.
By engaging the business and investment community, along with the implementation of the right policies, Cyprus is on course to achieve sustainable economic growth and become a model of resilience and sustainability on the world stage. The journey is complex, and the challenges are many, but with a concerted effort and strategic planning, the island nation is poised for a greener, more prosperous future.
What is Cyprus’ strategy for achieving sustainable economic growth?
Cyprus is committed to sustainable economic growth by investing €500 million in cleaner fuels, renewable energy, and sectors like transport and agriculture. The country aims to meet its 2030 sustainability targets, supported by initiatives such as “Vision 2035” for energy efficiency and the European Investment Bank’s €257 million for smart, green investments. With a focus on renewable energy research and a high-tech economy, Cyprus strives to become a resilient leader in global sustainability.
What strides has Cyprus made towards sustainability?
Cyprus has been recognized internationally for its progress towards achieving its 2030 energy sustainability targets. By investing €500 million by 2026 in cleaner fuels and renewable energy sources, as well as sectors like transport, agriculture, and waste management, Cyprus has aligned itself with over half of its Sustainable Development Goals (SDGs) targets. However, challenges such as agricultural nitrogen use, water imports, waste recycling, and CO2 emissions still need to be addressed for Cyprus to meet its sustainability goals.
How is Cyprus fostering economic resilience and competitive strategies?
As part of “Vision 2035”, Cyprus is focusing on renewable energy systems, energy efficiency, and carbon emissions reduction to transition to a circular, zero-waste economy. The European Investment Bank’s contribution of €257 million supports smart and green investments to help achieve these goals. By leveraging its strategic location and focusing on sectors like e-health and green technology, Cyprus aims to further enhance its economic growth and become a leader in sustainability.
What is Cyprus’ role in global sustainability efforts?
Cyprus aims to establish itself as a global leader in sustainability by fostering private-public collaborations across all economic sectors. By shifting towards sustainability-focused investment projects in sectors like hi-tech, energy, tourism, healthcare, and regulated services, Cyprus is attracting international investment and expertise, strengthening its position in the EU and MENA markets. Initiatives like the upcoming “International Conference on Sustainable Finance” underline Cyprus’ commitment to sustainable economic growth and resilience on the world stage.
