The Cyprus Banking Association in collaboration with Cyta co -financed a study by McKinsey Counseling
The Cyprus Banking Association in collaboration with Cyta co -financed a study by McKinsey Counseling, with the aim of shaping a road map to relieve Cyprus from carbon.
The object of the study
The study draws up a clear and practical roadmap to achieve the goal for zero greenhouse gas emissions by 2050, at optimum cost for society. Cyprus’s climate goals are in line with the aspirations of the European Green Agreement on a climate neutral Europe.
At the same time, the study supports the design and updating of the National Strategic Plan for Energy and Climate (ESDEK), providing data and tools for shaping appropriate policies by the competent authorities. Includes detailed proposals per sector, cost estimates and possible measures to facilitate the decision -making decisions.
Cyprus’s energy transition
Cyprus is before a deep energy transformation that will affect every sector of its economy. For the smooth transition, it is necessary to take into account the specific characteristics of each sector, as well as policies for the development of new skills and support for those affected, in order to ensure the competitiveness of the Cypriot economy. The total cost of investments required to achieve the goals is estimated at around € 40 billion.
Preparation for the future
The banking sector in Cyprus is already playing a key role in the sustainable transition of households and businesses through funding for green loans that facilitate citizens to save energy and reduce their environmental footprint, as well as funding for investment in renewable energy and environmental support.
The telecommunications sector also contribute to the achievement of these goals. CYTA, utilizing its modern and reliable technological infrastructure, contributes to sustainable development through innovative solutions and services that connect people and communities, strengthen cooperation and support the transition to more environmentally friendly practices.