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Bank of Cyprus and its loans are turning green

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ΠρασινΙζει η Τραπεζα Κyπρου κα ι τα δανεια της

The creation of a carbon-free housing portfolio is one of the green goals set by the Bank of Cyprus, in order to align with the green transition scenario.

On the occasion of the announcement of its preliminary results for 2023, the Bank of Cyprus reports that the carbon concentration in its housing loan portfolio on 31 December 2023 was calculated at 50.73 kgCO2e/m2, achieving approximately a 5% reduction, in relative to the reference point, due to increased installation of photovoltaic systems in residential buildings in 2023.

The 2023 results also state that the bank has introduced a green mortgage product offering, to help achieve its mortgage decarbonisation target and effectively reduce climate risk. In addition, the bank has set lending and investment limits in sectors with high carbon concentration.

Also, having introduced and implemented the business environment assessment process (Business Environment Scan process), the bank has set targets for new green financing or transition financing in specific sectors, to support its clients' transition to a low-carbon economy. The amount of loans in environmentally friendly products on December 31, 2023 amounted to €24.5 million, compared to €20.9 million on December 31, 2022.

The bank, as stated in the financial results of 2023 , after implementing various energy upgrading actions in 2022 and 2023, has succeeded in reducing Scope 1 and Scope 2 greenhouse gas (GHG) emissions by approximately 18% in 2023, compared to the 2021 benchmark.

The bank intends to invest in infrastructure and actions that will improve its energy efficiency and replace machinery and cars that run on fossil fuels between 2024 and 2025, leading to around a 3-4% reduction in emissions< /strong> Field 1 and Field 2 ATT by 2025, compared to 2021. The bank achieved a 65% increase in renewable energy production, from 173,583 kilowatt-hours to 285,907 kilowatt-hours, in the year 2023, compared to the year 2022 .

Source: www.philenews.com

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