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According to a report by Panagiotis Rougalas, big players in the financial world are urging banks to step up for a greener future. The European Central Bank (ECB) is doubling down on its efforts to tackle climate change. But banks are asking for more help from governments and international watchdogs to make it happen smoothly. They say current rules make it tough to finance green projects effectively.
At the "Green Agenda Cyprus Summit 2024," bankers made a strong case for supervisors to step in and support the green transition. They explained that lending money for eco-friendly projects might take a while to pay off, and the rules as they are don't help much. They're calling for new rules specifically for green lending.
Artemis Credit Bureau and ICAP CRIF are teaming up to help Cypriot businesses go green with the Synesgy project. They're saying that government backing is key to making the green transition work. They've seen how well things can turn out when governments and banks work together, like during past economic crises.
Efforts are underway to set up an Environmental, Social, and Governance (ESG) system in Cyprus. Projects like the Synesgy platform are measuring how environmentally friendly companies are. The ECB is getting more serious about climate change too, focusing on areas like funding for green projects and adapting to climate change impacts. They're planning to make changes to their money policies to help fight climate change.
