27.12.2023
The Green Transition is one of the most modern challenges facing Cyprus. But this is not just a political commitment and another European commitment. Environmental sustainability is a necessity that aims to improve the quality of daily life of Cypriots, ensuring a healthy and sustainable future for them. Private initiatives and large-scale developments in this direction are critical to achieving this collective goal.
In July 2020, European Union leaders agreed on a Recovery and Resilience Plan in an effort to address the impact of the COVID-19 pandemic while helping to restart the economy. An emergency financing instrument that aims to create a resilient, digital and sustainable future economy for Member States. Of the total amount of 750 billion euros, Cyprus is entitled to receive an amount of 1.2 billion euros through grants and loans for the period 2021-2026.
Private initiatives are critical to achieving this goal because, in addition to complying with European guidelines, it is an opportunity to transform Cyprus into a green, competitive, low-emissions country that can manage its natural resources sustainably and efficiently.
According to the latest UN report on the 2030 Agenda for Sustainable Development, Cyprus still has a long way to go in implementing ESG (environmental, social, governance) criteria. This is why Cyprus’ successful transition to green entrepreneurship requires financial government support and much more.
The 19 members of the Major Development Association, with the major development projects they represent, operate in good faith within the framework defined by the green sustainable transition and development. They have adopted and integrated green practices into the implementation of their development projects, strengthening these efforts. Through sustainable housing and office projects, as well as large projects including photovoltaic parks, green spaces and biological water treatment plants, the design, construction and operation of which are based on environmental research, aim to reduce negative impacts on the climate. These developments contribute to the country’s environmental progress and bring numerous benefits to investors, producers, the public and, above all, the environment.
The path to achieving the green transition goals is a collective one. Major developments that make a long-term contribution to the development of the Cypriot economy can, in cooperation with the state, play a leading role in achieving these goals. Together, it will be easier for Cypriots to achieve a transition to a green and sustainable era.
