The proposed framework would have introduced the first-ever global carbon pricing mechanism for any industrial sector, setting a clear path for international shipping’s transition to net zero.
“We are disappointed that member states have not been able to agree a way forward at this meeting,” said Thomas A. Kazakos, ICS Secretary General.
He added that the industry needs clarity to make the investments required to decarbonise the maritime sector, “in line with the goals set out in the IMO GHG strategy.”
The company stated that it “reaffirmed its position as a leading maritime technology partner at Maritime Cyprus 2025, where it showcased its complete portfolio of digital and technical solutions spanning connectivity, cybersecurity, analytics, and navigation systems”.
During the conference, the company unveiled two major additions to its integrated maritime ecosystem.
These include the Voyage Optimisation module within TM Synergia and a new immersive digital twin solution.
Both of these products, the company explained, are designed to enhance safety, efficiency, and sustainability across ship and shore operations.
Based in Limassol, the initiative is transforming the island into a key player in monitoring climate change, natural disasters and environmental sustainability across Europe and beyond.
Run by the Cyprus University of Technology (Tepak), the project has established a state-of-the-art centre for Earth observation and geospatial information to support EU and United Nations sustainable-development goals.
The scientific site is named after Eratosthenes, an ancient Greek mathematician and geographer, and represents a major upgrade of a remote-sensing and geoenvironmental laboratory that the university began operating in 2007 under the same name.
The new centre, established in 2020 shortly after the project started, monitors everything from extreme weather to agriculture.
At current prices, Gross Domestic Product (GDP) increased by 7.2 per cent, reaching €34.77 billion.
The positive growth rate, Cystat said, was mainly attributed to strong performances in information and communication, hotels and restaurants, construction, and wholesale and retail trade including motor vehicle repairs.
In real terms, GDP totalled €29.42 bn, compared with the previous year’s figure.
The information and communication sector recorded the highest growth, with GDP at current prices rising by 17.50 per cent and in real terms by 11.30 per cent, reaching €3.59 bn and €3.32 bn respectively.
During the meeting, an announcement mentioned, the two parties discussed the economic and business relations between the two countries, along with proposals on how they can be further promoted and expanded.
Moreover, Iosif Iosif, the president of the Cyprus-Greece Business Association, informed the ambassador about the association’s initiatives and actions in both Cyprus and Greece.
On his part, the ambassador “expressed his full support for the association’s activities and noted the common goals that Cyprus and Greece share in the economic and business sectors”.
The two sides also agreed on a series of actions to be undertaken in the immediate future.
Specifically, the Cyprus Statistical Service (Cystat) on Monday reported that the Price Index of Construction Materials for September 2025 reached 118.96 units, with 2021 acting as the base year set at a 100 units.
This corresponds to a marginal monthly decrease of 0.08 per cent compared with August 2025.
On an annual basis, the index increased by 1.44 per cent compared with September 2024, reflecting moderate price growth across most material categories.
Cystat said the annual increase was mainly driven by higher prices in minerals (3.62 per cent), mineral products (3.30 per cent), and products of wood, insulation materials, chemicals and plastics (1.05 per cent).
The airline said flights will operate three times per week, on Mondays, Wednesdays, and Fridays.
The announcement added that fares will start from €39.99,
“The new route gives Cypriot travellers another affordable opportunity to explore one of Central Europe’s most beautiful capitals, while also welcoming Slovak visitors to Cyprus’ sunshine and culture,” the airline said.
“With this new route, Wizz Air continues to expand its network from Larnaca, strengthening its role as a key carrier connecting Cyprus with some of Europe’s most attractive and affordable destinations,” it added.
The first, the Cyprus Private Client Offering Gathering 2025, will take place in London on December 5, at the London Stock Exchange, bringing together more than 260 professionals.
The specialised conference will present the full range of services and advantages Cyprus offers to HNWIs, their families, companies and employees.
Cyprus is one of the few EU countries offering a complete package of quality services tailored to private clients, combining tax and asset management advantages with an attractive lifestyle, solid infrastructure and a transparent business framework.
The association, which represents around 80 per cent of the market through its 50 members, said the regulation would enhance transparency, protect buyers’ interests, and strengthen the credibility of the sector.
It would also create, for the first time, a structured and controlled operating framework for Cyprus’ real estate market.
The proposal was prepared following consultations with the Cyprus scientific and technical chamber (Etek) and legal experts.
According to the association, the institutionalisation of the profession is essential to promote transparency, credibility and professional accountability in real estate development.
If implemented, it would clearly define the rules and conditions for those practising the profession.
“It will definitively end our country’s energy isolation, enhancing the security of supply, competition between energy producers and providers, and creating opportunities for energy exports,” he told the Eastern Mediterranean energy conference in Limassol.
His comments came after a meeting attended by representatives of Cyprus’ energy regulatory authority (Cera) and its Greek counterpart (Raeww), as well as Greece’s deputy energy minister Nikos Tsafos and Cyprus’ ambassador in Athens Stavros Avgoustides on the matter on Friday produced “several points of convergence”, amid ongoing differences between Greece and Cyprus over the matter.
The Cyprus News Agency quoted sources from inside the Greek energy ministry as having said that the talks “took place in a highly constructive atmosphere”, and that “all the individual regulatory issues of the [interconnector project] were raised”.
Cyprus will soon become a natural gas producer, Energy Minister George Papanastasiou said on Monday.
“Commercial exploitation efforts, in close cooperation with our licenced block holders, are progressing, and we are confident that Cyprus will soon become a natural gas producer,” he told the Eastern Mediterranean energy conference in Limassol.
“This will be a milestone which will allow the Republic of Cyprus to fulfil its role in unleashing cleaner energy for our region, Europe and beyond, while offering tangible benefits for the Cypriot economy.”
Looking ahead to how such an eventuality could come to pass, he said there are “several options” which are currently being considered, including using existing infrastructure in Egypt to liquefy natural gas found under the seabed off the coast of Cyprus.
Other options, he said, include “new technologies such as floating liquefied natural gas and modular LNG for onshore applications”.
This year’s theme, “Quality Statistics and Data for Everyone,” underlined the importance of reliable and accessible data for informed decision-making.
The CBC said it fully supports the global message, highlighting that statistics empower informed decisions by providing the data and analytical tools needed to understand, manage, and predict economic activity.
“Statistics empower informed decisions,” the CBC said, adding that they help governments design effective policies, businesses plan strategically, and researchers analyse key indicators such as GDP, inflation, and employment.
The bank stated that in today’s complex environment, reliable and timely statistics are more essential than ever in ensuring transparency, accountability, and public trust.
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