Building a sustainable future

Bank of Cyprus plays a pivotal role in the development of Cyprus economy. Our strategic priority is to lead the efforts of transitioning the country to a more sustainable operating model by financing net zero and reaching carbon neutral in own operations. We have undertaken a multidimensional role; to maintain our leading role in community service and optimal corporate governance on the one hand, and reduce our own environmental footprint as well as work with our customers to support their transition to lower carbon emissions, on the other.

ESG Goals

  • The Bank has calculated its own carbon footprint for 2021 and will be implementing a number of actions in order to ultimately reach its Carbon Neutral target by 2030.

  • The Bank has decided to align with the target set by the Paris agreement, the EU Green Deal and the Cyprus Government for a Net Zero goal by 2050. This entails reducing its Scope 3 emissions through its supply chain (i.e. third party providers) and its financing activities, which also entails the alignment and commitment of its clients towards this goal.

  • Indicates the degree of alignment with the EU Taxonomy, i.e. shows the proportion of the share of credit institution’s assets financing and invested in EU Taxonomy-aligned economic activities as a share of total covered assets, such as those consistent with the European Green Deal and the Paris agreement goals. The Green Asset Ratio disclosure becomes mandatory on January 2024 for the period ending December 2023.

  • In accordance with the Green Asset Ratio, the numerator consists of mortgages used only for sustainable activities related to the construction of new buildings and renovation of buildings, while the denominator includes all mortgages. The Bank will monitor its progress on this goal.

  • The Bank is committed to ensuring women’s full and effective participation in the management bodies namely the (ExCo and the Senior Management).

    • 27% as at 30 September 2022
    • 40% at Board Level are female as at 30 September 2022
    • 39% for key positions below Extended ExCo (defined as positions between Assistant Manager and Manager) as at 30 September 2022

Insights that matter