Cyprus Launches ESG Compliance Tool for Businesses

In a significant move to bolster sustainable business practices, the Cyprus Credit Bureau, in partnership with the Cyprus Banks Association and ICAP CRIF, has unveiled a new platform designed to evaluate business ESG compliance. This initiative marks a critical step towards establishing a robust ESG ecosystem in Cyprus.

The Interbank Business Evaluation Project will leverage Synesgy, a global digital platform, to enable Cypriot companies of all sizes and sectors to assess their adherence to Environmental, Social, and Governance criteria. The project’s goal is to enhance transparency and sustainability within the local business landscape.

Synesgy will provide companies with a comprehensive tool for evaluating their ESG performance, offering a certificate valid for one year that can be displayed on their websites. This certification serves not only as a testament to a company’s commitment to sustainable practices but also as a means to strengthen relationships with customers and partners.

In addition to the ESG assessment, companies will receive a personalized Action Plan with recommendations for improving their ESG performance. The evaluation process involves filling out a questionnaire tailored to the company’s size, sector, and regulatory environment. The methodology aligns with current international and European regulations and standards, ensuring relevance and accuracy.

The questionnaire, certified by the CRIF Rating Agency, requires companies to provide detailed information and supporting documentation. This process underscores the importance of due diligence and accuracy in self-reporting.

Yiannis Tomasides, General Manager of Artemis Credit Bureau, expressed pride in the project’s launch, stating, “We are proud because today the Cyprus Credit Bureau is implementing another infrastructure project for the Cypriot economy. Through this important project, it becomes possible to evaluate the performance of Cypriot companies by the companies themselves and the banks in matters related to their ESG. Today, the foundations are laid for the creation of an ESG ecosystem in Cyprus.”

The platform’s user-friendly design is complemented by customer service support from ICAP CRIF Synesgy for any needed clarifications or assistance. Upon completing the questionnaire, companies receive immediate feedback on their ESG evaluation, which is also shared with their partner banking institutions.

This development is expected to have a far-reaching impact on how businesses operate within Cyprus, setting a precedent for sustainable growth and responsible corporate governance.

ESG Compliance

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