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Tuesday, April 16, 2024

EY Cyprus Academy organized a Conference on Sustainability & Green Taxation

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The role of Cyprus in the EU

Η ΑκαδημΙα της Ε Υ Κyπρου διοργανωσε ΣυνΕδριο περ Θεματων Βιωσιμοτητας & Πρασινη&sigmaf ; Φορολoγησης

As Cyprus prepares to take over the Presidency of the Council of the European Union (EU) in January 2026, the EY Academy organized a Conference focusing on sustainability and environmental taxes as they affect business worldwide.

The Conference aimed to educate businesses on the need for compliance and the impact of green tools both locally and internationally. The subject of the Conference was Environmental, Social and Intergovernmental (ESG) criteria in relation to sustainability policies in the EU.

During the Conference, discussions revolved around the aftermath of COP28 and the Economic Forum held in Davos in January 2024, with a focus on the neutrality of environmental measures and next steps regarding the implementation of the Paris Agreement.

Distinguished speakers included: 

  • Ms Marilena Rauna, Deputy Minister of European Affairs, Republic of Cyprus
  • Mr. ShawnMaher, EYGlobal Executive Vice President, Public Governance and Senior Advisor to the US Administration under BarackObama (message attached to the link).
  • Ms. KasiaKlaczynskaLewis, Partner, EY Poland, Regional Head of EY on EU Green Deal

The topics of the Conference specifically concerned:

    < li>The CSRD Directive and Sustainable Financing
  • Cyprus' role in shaping EU policy on sustainability
  • EU Tax Policy Tools affecting global trade
  • >

  • The Cypriot Tax Reform and green fees

Among others, Stavros Violaris, Partner, Head of Sustainable Development Services said: “Sustainability issues will remain high on the agenda for years to come and will continue to affect all business sectors globally, but also in Cyprus. Understanding the challenges of the green transition and developing the skills and competencies required to take advantage of the opportunities ahead is critical for organizations and professionals in Cyprus. Therefore, it is natural for the EY Academy to focus on this issue, especially in view of the upcoming Cyprus Presidency of the Council of the EU.

For his part, Simos Simou, Senior Director, Head of Green Taxes and Tax Dispute Resolution, said “At the given time, the organizations either they will be environmentally compliant,  DECARBONIZING, or they will be accountable, PAYING TAXES”.

Shawn Maher,EY Global Executive Vice President, Public Governance and Senior Advisor to the US Administration under Barack Obama, argued that “The question is whether these actions will respond and move our world from its current path of climate catastrophe to a path of recovery and restoration »

In her own presence, Kasia Klaczynska Lewis,< /strong>Partner, EY Poland, Regional Head of EY on EU Green Deal, said “In today's world, adopting sustainability translates into a competitive advantage.”

Panos Choutris, Senior Director, Sustainability Consulting Services, argued that “Early insights into a company's current sustainability status can lead to a smoother transition to more sustainable practices in the future”.

The Konstantina Charalambidou, Senior Director, Financial Accounting Advisory Services, referred to the fact that “Corporate reporting evolves in times of change and uncertainty. To meet the growing demand for sustainability information from regulators and stakeholders, businesses will need to adapt reporting processes, ensure compliance with new standards, strengthen data management and combine financial and of sustainability in a consolidated corporate report'.

Finally, Christine E Kowal, Director of the EY Cyprus Academy, stated: “In light of the fact that the Cyprus is taking a leading role in the EU's sustainability agenda, we are very excited and proud to have organized this important Conference for our customers, businesses and regulators in the wider region.”

The Conference covered aspects of sustainability and green taxation, offering practical insights for businesses aiming to effectively navigate current challenges. The audience of the live broadcast and taping included high-ranking executives from international groups, academics, European regulatory authorities, professional associations cumulatively from over 100 countries.

For a first impression you can watch a short clip – video from the Conference.

Source: www.kathimerini.com.cy

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