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Hellenic Bank Releases 2023 ESG Impact Report

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In 2023, Hellenic Bank made significant strides in environmental responsibility, reducing carbon emissions and advancing renewable energy use. The bank’s commitment to sustainability was highlighted through employee training, digital transformation, green loans issuance, and supporting environmental and social initiatives. Through initiatives like the Sustainable Bonds Issuance Framework, Hellenic Bank is setting the standard in sustainable finance and community impact.

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Embracing ESG: The Key to Corporate Success in Cyprus

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In Cyprus, embracing ESG principles—Environment, Society, and Governance—is the key to corporate success. By prioritizing robust corporate governance, strong social responsibility, and a holistic ESG approach, companies can enhance shareholder performance, improve services and products, and increase investment appeal, ultimately aligning profit with purpose for lasting success in the market.

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Cyprus Investment Funds Industry: A Leap into Dynamic Growth

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The Cyprus investment funds industry is on a growth trajectory with regulatory reforms like the Funds Administration Law and Partnership Law, alongside the implementation of a Categorization Directive aligned with AIFMD II. These changes aim to boost competitiveness, attract a wider investor base, and unlock crossborder investment potential, setting the stage for a dynamic financial sector in Cyprus.

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Freedom Finance Europe: Fostering Growth through ESG and Community Engagement

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Freedom Finance Europe integrates ESG principles by promoting local sports, culture, and ethical investments, thereby enhancing Cyprus as an EU business hub. They foster a sustainable sports ecosystem, support ESGfocused financial products, and ensure ethical governance, aligning with investor values and societal respect. Evgeniy Tyapkin, as the Executive Director, has led the firm to impressive heights with over 250,000 retail investors throughout the EU, aligning flawlessly with Cyprus’ regulatory frameworks.

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Bank of Cyprus: A Pillar of Sustainability and Economic Transformation

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The Bank of Cyprus is spearheading sustainability efforts, aiming to achieve netzero emissions by 2050 and reduce GHG emissions by 42% by 2030 through energy efficiency measures and green financing products. Through strategic lending, ESG due diligence, and risk management, the bank is actively contributing to Cyprus’s economic transformation towards a greener, more resilient future.

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Cyprus Businesses Embrace ESG Standards

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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.

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EY Cyprus Seminar: Navigating the Green Shift in Business

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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.

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Cyprus Business Now: A Focus on ESG, Black Friday, and Market Movements

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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.

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