Hellenic Bank is leading the way in sustainable banking with its bold ESG strategy, striving for carbon neutrality by 2050. The bank’s approach includes reducing emissions, promoting green banking products, fostering a diverse workforce, and aligning with global sustainability goals like the UN SDGs and the EU Green Deal.
Ypsonas in Cyprus is rapidly transforming from a peaceful suburb to a potential modern district, bringing both opportunities and challenges. With corporate expansion threatening local businesses, rising property prices, and increased traffic congestion, the community faces the task of maintaining its identity amidst rapid growth.
Cyprus is facing challenges with implementing environmental taxation, including concerns over high costs and fairness. The country is also struggling to transition to solar energy and electric vehicles due to limitations with its power grid. Balancing these issues with public opinion and technological readiness will be crucial in shaping Cyprus’s environmental roadmap.
Cyprus’ modified green transition plan, including a REPowerEU chapter, has been approved by the European Commission. With a budget of €1.22 billion, the plan aims for energy independence by 2030 and focuses on diversifying energy sources, promoting renewable energy, electric vehicles, and consumer involvement in the power market.
A recent survey conducted by the European Investment Bank (EIB) revealed that an impressive 70% of Cypriots are willing to support the green transition by paying higher income taxes, with many willing to contribute an extra 110% of their income. This tax increase aims to help lowerincome households affected by the shift to a lowcarbon economy, showcasing a remarkable display of solidarity and commitment to a greener future in Cyprus.
The European Commission has approved Cyprus’ updated recovery and resilience plan, which includes a dedicated REPowerEU chapter and €1.22 billion in funding. The plan focuses on achieving energy independence and driving the green and digital transition, with 45% of the funds allocated to climate action and 24.6% to digital initiatives.
