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In a pivotal speech delivered at the 'Green Agenda' conference hosted at Hilton Nicosia, Mr. Andreas Petsas, Senior General Manager of Eurobank Cyprus, underscored the critical role of banks as Environmental, Social, and Governance (ESG) institutions in driving the green transition.
Amidst the escalating climate crisis, Petsas addressed an audience comprising government officials, corporate leaders, and community representatives, stressing the urgency for collective action in response to environmental challenges.
"Banks, as one of the most regulated and supervised sectors, must proactively respond to the imperatives of this new era," Petsas remarked. He highlighted the exponential rise in European lenders factoring environmental risks into their operations, underscoring 2024 as a decisive year for banks to expedite progress on ESG matters. Failure to do so, Petsas cautioned, could jeopardize banks' assets.
Petsas outlined Eurobank's steadfast commitment to environmental conservation, elucidating a multifaceted approach encompassing tangible actions such as:
- Installation of solar panels
- Upgrading and replacing electronic devices/cars
- Fostering an environmental culture among staff
- Embracing digitalization to minimize ecological footprint
Echoing the sentiment that sustainable development is synonymous with progress, Petsas elucidated Eurobank's strategies to facilitate green transition:
- Prioritizing financing solutions aiding clients in their green endeavors
- Collaboration with government and EU programs like the Recovery and Resilience Plan (RRP)
- Offering incentivized financing solutions aligned with environmental objectives
- Providing comprehensive training to employees to enhance understanding of green transition principles
While acknowledging the challenges inherent in green transition, Petsas emphasized the necessity of aligning economic development with environmental responsibility. He cautioned against the uneven application of ESG frameworks across countries, which could potentially disadvantage European banks in global competition.
In conclusion, Petsas reiterated Eurobank's unwavering commitment to sustainable development and Europe's climate objectives. Highlighting Eurobank Cyprus Ltd's ISO 14001 certification for environmental management systems, Petsas affirmed the institution's dedication to green principles.
"We believe in the imperative of green transition and sustainable financing, not only as regulatory obligations but as a moral imperative to safeguard our environment," Petsas concluded, expressing gratitude to SPP Media Group for orchestrating the conference.
The speech concluded with a resounding call to action, urging stakeholders to unite in their commitment to a greener, more sustainable future.
