One year has passed since the launch of the interbank ESG assessment project for Cypriot businesses, implemented by Artemis Credit Bureau through the Synesgy platform.

According to a statement by the Association of Banks of Cyprus, this project represents a significant step towards integrating the principles of environmental, social, and corporate governance, known as ESG, into Cyprus’s business sector and financial system.

The association explained that “Cyprus, through this initiative, now aligns itself with international and European developments, establishing solid foundations for sustainable financing and transparent reporting of related risks and business performance”.

It added that the response from the business community has been “particularly encouraging“, confirming the gradual adaptation of the market to ESG issues.

“With the significant contribution of Artemis and the support of the banks, the groundwork for recording ESG indicators in businesses is now a reality,” the statement said.

“The launch and progress of the project confirm that the transition to a more responsible and sustainable business environment is not only necessary but achievable when there is cooperation, expertise, and a shared vision,” it added.

According to the association, 1,991 businesses expressed interest in the project, with 958 registering on the platform and 710 completing the related assessment, resulting in a participation rate of 74.1 per cent.

Looking ahead to the goals for 2025 and 2026, plans include increasing the number of Cypriot businesses registering and completing the ESG assessment on the platform.

The project also aims to create sectoral benchmarks so that businesses can compare their performance with the average in their industry.

Additionally, the initiative will develop training programmes through Synesgy specifically designed for small and medium-sized enterprises that have limited resources or expertise.

The association also said that “there will also be an enhancement of the role of Cypriot businesses as managers of their own value chains“.

Furthermore, seminars, workshops, and educational sessions for businesses are planned, “aiming to spread best practices and strengthen a culture of sustainability“.

The announcement concluded by highlighting these efforts as “key to fostering sustainable business practices throughout Cyprus“.