Cyprus banks plan how to turn green

Cypriot banks are urging a combination of government and regulatory policies to achieve a healthy, effective and optimal green transition.

Banks stress their key role in this transition, emphasizing that while they should make significant financial contributions, the government must also align its policies with the banks to facilitate the green transition.

Representatives from all major banks in Cyprus pointed out at the 2024 Green Agenda Cyprus Summit on Monday that past large-scale projects succeeded thanks to close cooperation between the state and banks. The post-bailout era demonstrated that such cooperation yielded significant results, such as the loan repayment suspension program.

Eliza Livadiotou, executive director of finance at the Bank of Cyprus, declared the bank’s determination to lead Cyprus to a sustainable future. Financial institutions must integrate environmental, social and governance (ESG) risks and opportunities into their strategies.

Hellenic Bank CEO Antonis Rouvas stressed that transitioning to a low-carbon economy involves both risks and business opportunities, and success depends on linking ESG to the core business purpose.