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Tag: greenhouse gas emissions

  • Cyprus Business Update: Eurobank’s €400 Million Bond and Thriving Property Market

    Cyprus Business Update: Eurobank’s €400 Million Bond and Thriving Property Market

    cyprus business — Cyprus’s business landscape is showing robust signs of growth, with Eurobank announcing a significant €400 million bond issuance alongside a flourishing property market.

    • cyprus business — Cyprus's business landscape is showing robust signs of growth, with Eurobank announcing a significant €400 million bond issuance alongside a flourishing property market.
    • Investors can expect a fixed coupon of 4.125 per cent per annum, providing a steady return until the first reset date.
    • Hadjimanolis highlighted that the sector stands at a pivotal point, where leveraging technology and innovation can foster a sustainable future.
    • At the EU level, emissions intensity declined by 34 per cent during the same period, with Cyprus among the countries demonstrating substantial progress.
    • While the euro area's debt-to-GDP ratio rose to 88.5 per cent, Cyprus's decline is indicative of its strong fiscal management and economic stability.

    Cyprus business: Eurobank’s Bond Issuance

    On Friday, Eurobank S.A. confirmed the successful pricing of €400 million in fixed rate reset subordinated tier 2 notes. This issuance represents a major funding milestone for the bank, reflecting strong international investor demand.

    The notes, which are set to mature on April 29, 2037, will provide Eurobank with long-dated capital to meet its regulatory and funding requirements. The structure allows for the notes to be callable at par between January 29, 2032, and April 29, 2032, under the designation of 11.25NC6.25.

    Investors can expect a fixed coupon of 4.125 per cent per annum, providing a steady return until the first reset date.

    Real Estate Market Growth

    In parallel, the Cypriot real estate sector has recorded impressive growth. According to the Real Estate Agents Registration Council, the total value of property transfers in 2025 surpassed €4.7 billion, with a notable 15 per cent increase in sales documents compared to the previous year.

    Data from the Department of Lands and Surveys indicates that 18,114 sales documents were filed nationwide from January to December 2025, up from 15,797 in 2024. While the volume of transfers rose marginally by 0.77 per cent, the total value saw a substantial increase of around 10 per cent, indicating a shift towards higher-value properties.

    Marinos Kineyirou, president of the Real Estate Agents Registration Council, remarked, “The picture of 2025 is the clearest proof of the resilience and attractiveness of the real estate sector,” highlighting its capacity to absorb shocks from the global environment and return to a strong growth trajectory.

    Improving Banking Sector

    The Central Bank of Cyprus reported a decline in the non-performing loan ratio, showcasing ongoing improvements in the banking sector. By the end of October 2025, the non-performing loans ratio, excluding loans to central banks and credit institutions, fell to 4.2 per cent, down from 4.5 per cent in September 2025.

    Using the European Banking Authority Risk Dashboard methodology, which includes loans and advances to central banks and credit institutions, the ratio dropped to 2.1 per cent in October, down from 2.3 per cent in September, confirming a consistent downward trend in credit quality.

    Merger Notification in Banking

    In a related development, the Cyprus Commission for the Protection of Competition announced it had received a merger notification concerning the acquisition of a portfolio of non-performing loans from Alpha Bank Cyprus Limited. Cerberus Capital Management L.P., through Delta Credit Purchaser Limited, is set to acquire this portfolio, prompting a review by the competition authority.

    Resilience in the Shipping Industry

    Despite ongoing operational challenges, Cyprus’s shipping sector is demonstrating resilience. Shipping Deputy Minister Marina Hadjimanolis addressed industry representatives at the 3rd CSN Cyprus Shipping Debate in Limassol, discussing the unique challenges and emerging opportunities for the maritime sector in 2026.

    Hadjimanolis highlighted that the sector stands at a pivotal point, where leveraging technology and innovation can foster a sustainable future.

    Environmental Progress

    On the environmental front, Cyprus has reported significant reductions in greenhouse gas emissions. Eurostat data indicated that the intensity of greenhouse gas emissions fell by 28.9 per cent between 2013 and 2024, showcasing the country’s progress in decoupling economic growth from emissions.

    At the EU level, emissions intensity declined by 34 per cent during the same period, with Cyprus among the countries demonstrating substantial progress.

    Reduction in Government Debt

    Cyprus has also achieved one of the largest reductions in government debt across the European Union, with the general government gross debt to GDP ratio decreasing by 6.1 percentage points in the third quarter of 2025 compared to the previous year. This marks the third-largest decrease within the EU.

    While the euro area’s debt-to-GDP ratio rose to 88.5 per cent, Cyprus’s decline is indicative of its strong fiscal management and economic stability.

    Bilateral Trade and Investment Momentum

    The upcoming Cyprus-India Business and Investment Summit, scheduled for January 28 in Mumbai, is generating significant interest, with registrations surpassing 400. This summit aims to strengthen bilateral trade ties and position Cyprus as a gateway for Indian companies targeting European markets.

    The event will showcase Cyprus’s appeal as an international business centre, leveraging its EU membership, stable legal environment, and competitive tax structure.

    Fiscal Performance of Cyprus

    According to Eurostat, Cyprus recorded a provisional general government surplus of 2.4 per cent of GDP in the third quarter of 2025, contrasting with the broader euro area, where the deficit rose to 3.2 per cent during the same period.

    This surplus, slightly down from 2.5 per cent in the previous quarter, reflects Cyprus’s strong fiscal position, having recorded notable surpluses in previous quarters.

    Support for Women-led Startups

    The Cyprus Chamber of Commerce and Industry (Keve) is facilitating the WE-RISE Open Call 2, aimed at empowering women-led deep-tech startups in the GreenTech, AgriTech, and ClimateTech sectors. This initiative, part of the Horizon Europe programme, seeks to support 20 women-led tech startups from the EU and associated countries.

    Upcoming Tax Reforms Presentation

    Lastly, Keve announced a presentation on Cyprus’s new tax reform, scheduled for March 6, 2026, in Athens. This session aims to inform the Greek business community about changes in the tax system that will become effective from January 1, 2026.

  • Can a National Climate Law Drive Change in Cyprus?

    Can a National Climate Law Drive Change in Cyprus?

    The question of whether a law can bring about change is particularly pertinent in the context of the climate crisis, which has become an undeniable reality. Its impacts are severe and far-reaching, affecting health, environment, and social structures globally.

    Photo: cyprus-mail.com

    Extreme weather events, such as prolonged droughts, heatwaves, and megafires, are now commonplace. These phenomena not only threaten biodiversity but also contribute to rising health issues, including heatstroke and respiratory problems linked to increased air pollution. The phenomenon of ‘climate refugees’ is becoming more prevalent, as communities are forced to migrate due to environmental degradation.

    National climate: A Call for Holistic Climate Action

    Cyprus, an island nation particularly vulnerable to climate change, stands at a crossroads. To effectively combat the climate crisis, it requires a comprehensive strategy that transcends fragmented efforts. A National Climate Law is proposed as a vital tool to establish long-term commitments and actions towards climate neutrality.

    Learning from Europe’s Example

    In Europe, 22 countries have successfully enacted similar laws, leading to measurable reductions in greenhouse gas (GHG) emissions. These regulations not only foster participation from the scientific community and citizens but also ensure rigorous monitoring of progress. The existence of such legal frameworks sends a powerful message to governments, reinforcing accountability and responsibility.

    Even if a law does not yield immediate results, its mere presence is symbolic. For Cyprus, a National Climate Law would signal a serious commitment to tackling the climate crisis, transforming intentions into actions.

    Climate Change: Not Just Another Concern

    Some argue that climate change is overshadowed by other pressing issues like wars, economic instability, and social inequality. However, the interconnectivity of these challenges reveals that climate change exacerbates all these problems. Economic systems are disrupted by extreme weather, while public health is strained by the effects of climate-related events.

    For instance, rising temperatures and deteriorating air quality contribute to cardiorespiratory issues and increase the prevalence of diseases transmitted by vectors, such as mosquitoes. Vulnerable populations, often residing in low-energy-efficiency homes, are disproportionately affected, facing higher energy bills and greater exposure to extreme weather.

    Defining Climate Legislation

    To effectively address the climate crisis, immediate and comprehensive solutions are essential. Climate legislation can play a pivotal role in this regard. Defined by ClientEarth, such laws typically outline a roadmap for reducing GHG emissions, often with long-term targets set for 2045 or 2050. They include legally binding targets, carbon budgets, and mechanisms for monitoring progress.

    Countries that have implemented climate laws, such as the United Kingdom, have seen significant advancements in transitioning to low-carbon electricity generation. The UK’s commitment to climate legislation resulted in a jump in low-carbon electricity generation from 20% in 2008 to 45% in 2016.

    Why Cyprus Needs Its Own Law

    While the European Climate Law mandates all Member States to achieve climate neutrality by 2050 and cut GHG emissions by 55% by 2030, it focuses primarily on EU-level commitments. A national climate law tailored to Cyprus’s unique circumstances can establish specific targets and measures that are crucial for local action.

    Current EU regulations allow Cyprus to set less ambitious goals, particularly in sectors that contribute significantly to pollution. Without binding national targets, the country’s policies may remain insufficient in addressing the urgent need for climate action.

    Evaluating Cyprus’ Current Efforts

    Despite existing frameworks, Cyprus has struggled to meet its GHG reduction targets as outlined in its National Energy and Climate Plan (NECP). Official data reveals that GHG emissions in 2023 are higher than in 2021, reflecting a concerning trend. Many proposed policies remain unimplemented or are delayed, with examples such as Sustainable Urban Mobility Plans failing to alter reliance on cars.

    The Potential Impact of Legislation

    The effectiveness of a National Climate Law in Cyprus remains a complex issue. While it cannot single-handedly resolve the climate crisis, it can significantly contribute to meaningful climate action if designed and executed effectively. The urgency of the climate crisis demands that we embrace all available tools, including legislation, to mitigate its impacts.

    As the climate crisis continues to unfold, the questions we face are no longer about whether it will affect us, but rather how severely it will shape our future. The introduction of a National Climate Law could be a critical step towards a more sustainable and resilient Cyprus.