Imperio, the leading real estate developer in Cyprus, stands out by being the first in the industry to issue an ESG report. Their commitment to sustainability is evident in their focus on green projects, social responsibility, and innovative sustainable solutions, setting a new standard for the sector.
Cyprus businesses are embracing ESG standards through a new certification program, gaining benefits like a 12month 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.
The EY Cyprus Seminar on green taxation and sustainability emphasized the urgent need for businesses to comply with EU sustainability mandates, adapt to ESG standards, and explore the benefits of carbon credit generation in Cyprus to avoid taxation penalties. With expert insights from influential figures like Marilena Raouna and Shawn Maher, the seminar highlighted the critical importance of early adoption of sustainability practices and the integration of sustainability data in corporate reporting for a more ecoconscious future.
Cyprus’s economy is reliant on embracing ESG principles to tackle environmental challenges and address social issues, such as water scarcity and demographic shifts. The nation’s strategic geographical position allows for solar energy exploitation, but diversifying energy sources is crucial. Additionally, businesses should reconsider their approach to Black Friday to prioritize longterm customer relationships. The Cyprus Stock Exchange experienced marginal losses but saw transaction volume and varying degrees of gains and losses for popular stocks. Overall, Cyprus must remain proactive in navigating environmental, social, and economic challenges.