The project is completed. It addressed the challenge of financing greenhouse gas (GHG) emissions reduction in Cyprus. The aim was to develop instruments that would set in motion the necessary momentum for companies to develop solutions to reduce GHG emissions.
The project contributed to the country’s climate protection goals and promoted the realization of quantifiable GHG reduction measures as well as the creation of favorable conditions for a sensible climate policy. Business4Climate+ forms the continuation and complement of the Business4Climate program and was intended to engage Cypriot companies from industries not participating in the Emissions Trading Scheme (ETS) in climate protection. The focus was on financing projects to increase energy efficiency. The project aimed to get more than 250 companies from all non-ETS sectors to commit to reducing their GHG emissions by at least 8 percent by 2030. It also sought to identify which financing models would be most appropriate for Cyprus, considering the experience gained in Europe.
In Cyprus, there were quite a few hurdles in the area of climate finance. For example, upscaling of projects to increase energy efficiency (and thus reduce GHG emissions) was hampered by the lack of attractive financing options. For example, there were no low-cost, readily available bank loans to finance energy efficiency and renewable energy measures. In addition, government support instruments needed to be redesigned to meet current market needs and consider industry-specific circumstances. In addition, alternative solutions had to be developed to also attract energy-intensive industries to energy efficiency measures in order to meet national emission reduction targets.
State of Results
- The project developed a roadmap with recommendations for reducing GHG emissions in industry, based on current practice of financing models in the EU.
- Similarly, an online tool to evaluate energy efficiency projects for interested companies was developed and made available on the website of the Cyprus Business Association.
- As part of capacity development activities, four trainers and a total of 75 from administration, SMEs and banks were trained.
Updated: February 2023
Project duration: 09/18 - 04/19
Funding: 105,039 €
Target groups: Companies, Governments
adelphi research gGmbH
Cyprus Employers & Industrialists Federation (OEB)
Mr Rainer Agster
Organisation: adelphi research gGmbh
Mrs Anthi Charalambous
Organisation: Cyprus Employers and Industrialists Federation
The European Climate Initiative (EUKI):
This project is part of the European Climate Initiative (EUKI). EUKI is a project financing instrument by the German Federal Ministry for Economic Affairs and Climate Action (BMWK). The EUKI competition for project ideas is implemented by the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH. It is the overarching goal of the EUKI to foster climate cooperation within the European Union (EU) in order to mitigate greenhouse gas emissions.
For more information on the EUKI: www.euki.de