Banking and financial institutions are introducing a tool to assess companies’ compliance with Environmental, Social, and Governance (ESG) criteria in Cyprus.
The Cyprus Credit Bureau, in collaboration with the Cyprus Banks Association and ICAP CRIF, is introducing a tool for assessing compliance with ESG (Environmental, Social, Governance) criteria through the Interbank Business Evaluation Project using Synesgy, a global digital platform. This initiative aims to enhance transparency and sustainability in Cyprus by enabling companies of all sizes and sectors to assess their ESG compliance and obtain a certificate valid for one year. Companies will receive a personalized Action Plan with recommendations for improving their ESG performance based on the assessment results. The methodology for evaluating a company’s ESG data adheres to current international and European regulations and standards, and the Synesgy questionnaire is certified by the CRIF Rating Agency. The platform facilitates easy access for businesses to complete the questionnaire, which is crucial for accurate ESG assessment and is shared with the company’s banking partners. Yiannis Tomasides, General Manager of Artemis Credit Bureau, highlighted the project’s significance in evaluating and enhancing the ESG performance of Cypriot companies and banks, contributing to the development of an ESG ecosystem in Cyprus.