**Cypriot Businesses Make ESG Progress Through Interbank Project**
Cyprus is witnessing a notable advancement in the adoption of Environmental, Social, and Governance (ESG) practices among its businesses, two years after the initiation of the Interbank ESG project. According to a recent announcement from Artemis Credit Bureau, which oversees the project in collaboration with ICAP CRIF, over 1,200 companies have successfully completed their sustainability assessments through the Synesgy platform.
The Interbank ESG project has extended invitations to a total of 2,319 businesses to participate in the assessment process. Of these, 1,213 companies have completed their evaluations, marking a significant engagement rate that Artemis describes as particularly encouraging for a market still in the developmental phase of sustainability practices. This positive response indicates a growing recognition among businesses that sustainability is not merely a regulatory obligation but a crucial element linked to resilience, competitiveness, and the potential for new opportunities.
The announcement highlighted the active involvement of small and medium-sized enterprises (SMEs), which represent 90 percent of the businesses certified through the assessment process. Notably, SMEs are not directly obligated by European directives to disclose sustainability data. However, their participation underscores an awareness of the strategic importance of ESG criteria for long-term business viability and growth.
The assessment results revealed an average score of ‘C’ for participating companies, aligning with international benchmarks from the Synesgy platform. This score reflects the gradual maturation of the Cypriot market regarding sustainability issues. Progress has been observed across all three ESG pillars—environmental, social, and governance.
In the environmental domain, businesses are increasingly prioritizing environmental management, energy efficiency, and the monitoring of their ecological impact. The social pillar has also seen enhancements, with improvements noted in human resources practices, health and safety measures, staff training initiatives, equal opportunity policies, and social responsibility efforts. Furthermore, the corporate governance pillar is showing positive developments, as companies are progressively bolstering their transparency, accountability, and risk management frameworks.
Artemis Credit Bureau emphasized that these trends indicate a growing recognition among Cypriot businesses of the necessity for robust governance structures to foster sustainable growth. The organization concluded that the results affirm the ongoing progress of the Cypriot market across all three ESG pillars, as more companies invest in practices that enhance their transparency, competitiveness, and long-term prospects.
As the Interbank ESG project continues to evolve, it is expected to further drive the integration of sustainable practices within the Cypriot business landscape, contributing to a more resilient and competitive economy.