Cyprus interbank ESG project reports progress in sustainability assessments

Two years after the launch of the interbank ESG project in Cyprus, 1,213 companies have completed sustainability assessments via the Synesgy platform. The initiative is managed by Artemis Credit Bureau in collaboration with ICAP CRIF, a member of the international CRIF S.p.A. group. Out of 2,319 companies invited to participate, over half have successfully finalized their assessments. Notably, 90% of the participating firms are small and medium-sized enterprises (SMEs), which are not currently subject to mandatory European regulations regarding sustainability disclosure. According to the Association of Cyprus Banks, this high engagement indicates that businesses view ESG criteria as a strategic tool for competitiveness and resilience rather than a mere regulatory requirement. The average sustainability score currently sits at 'C', a figure consistent with international benchmarks on the Synesgy platform. Officials view these results as a sign of the increasing maturity of the Cypriot market regarding sustainability principles. The project aims to integrate environmental, social, and governance criteria into the core operations of local businesses.