World Bank publishes Cyprus Institute study on green economic recovery

Green recovery measures, including energy upgrades of buildings, enhanced sustainable mobility and modernisation of the electricity grid, improve the quality of life and contribute to the country’s environmental upgrading, while bringing significant benefits to domestic economic development.

This is evidenced by the results of a study by researchers at the Cyprus Institute on the post-Covid era, which are presented in a report published by the World Bank and summarised on its website and social media.

According to the research, every million euros spent on some of these green measures is capable of creating up to twice as many jobs as other non-environmental financial assistance.

In addition to the use of specialised energy and economic models, the researchers collected information through structured questionnaires from the public and private sector as well as non-governmental organisations, which were processed using appropriate multi-criteria analysis methods, while the measures themselves evaluated on the basis of economic, environmental and social criteria.

World Bank officials believe that the methodology developed at the Energy, Environment and Water Resources Research Centre (EEWRC) of the Cyprus Institute can be applied in many countries around the world and lead to the formation of realistic economic recovery plans, which will combine immediate economic impact of the pandemic with sustainable long-term development.

The study is expected to be presented at the next World Climate Change Conference in Glasgow in November 2021, and will be included in a report published by the United Nations Sustainable Development Solutions Network (SDSN Europe).