Cyprus banks highlight role of ESG in business financing

Artemis Credit Bureau, a subsidiary of the Association of Cyprus Banks (ACB), has helped introduce standardised environmental, social and governance (ESG) assessments to Cypriot businesses through an international platform designed to support sustainable finance, the association said on Tuesday. The initiative centres on Synesgy, an ESG assessment platform developed by the international CRIF group, which allows companies to evaluate their sustainability performance and that of their supply chains. The association explained that Artemis had prepared the market through nationwide information campaigns and presentations for Cypriot businesses and economic stakeholders before European requirements were introduced locally. The aim was to show businesses of all sizes that ESG criteria were not merely a formal obligation, but a strategic tool for improving competitiveness, accessing finance and supporting long-term sustainability. The platform provides a common, transparent framework for interbank ESG assessments, helping companies understand their sustainability profiles while enabling banks to evaluate risks and direct green financing more effectively, the association said. The initiative has also developed into an annual Credit Risk and Sustainability Management Conference, organised by Artemis Credit Bureau and ICAP CRIF, Artemis’ strategic partner. This year’s event included special awards under the title “Proud Partner for Sustainability”, recognising businesses that adopt responsible practices and help advance sustainability across the Cypriot economy. “The transition to a sustainable economy requires cooperation, tools and guidance,” said Artemis Credit Bureau general manager Yiannis Tomasides. “Over the past three years, Artemis Credit Bureau has demonstrated its consistent support for Cypriot businesses,” he added, pointing to the Synesgy platform, ongoing information initiatives and the annual conference and awards as ways of strengthening Cyprus’ ESG ecosystem. On his part, ACB general manager Marios Skandalis said Artemis had helped put Cypriot businesses on a path towards sustainability through the platform and its interbank assessment framework. “Through operational excellence, planning and patience, Artemis has helped prepare the Cypriot economy for the next stage with an excellent interbank initiative,” he said. Skandalis also praised local banks for taking a proactive approach to ESG, rather than simply responding to developments in the field. Finally, he stated that banks were helping shape progress through their activities and policies, both internally and through the criteria they apply when financing the Cypriot economy.