Cypriot businesses are making steady progress in adopting Environmental, Social and Governance (ESG) practices, two years after the launch of the Interbank ESG project, with more than 1,200 companies having completed their assessment through the Synesgy platform. 

According to an announcement by Artemis Credit Bureau, which manages the project in cooperation with ICAP CRIF, a member of the international CRIF S.p.A. Group, a total of 2,319 businesses have so far been invited to participate in the platform. 

Of these, 1,213 businesses have completed the process assessing their level of sustainability. 

Artemis said the participation rate is considered particularly positive, given that the Cypriot market is still at a developing stage in terms of sustainability practices. 

The response, it added, shows that sustainability is increasingly being viewed not only as a regulatory requirement, but also as a factor linked to business resilience, competitiveness and access to new opportunities. 

The announcement made particular reference to small and medium-sized enterprises, which account for 90 per cent of the businesses certified through the assessment process. 

This is despite the fact that SMEs are not directly covered by European directives requiring the disclosure of sustainability data. 

According to Artemis, their participation shows that they recognise the strategic importance of ESG criteria for their long-term development. 

The assessment results showed an average score of ‘C’, which Artemis said is in line with international Synesgy platform results and points to the gradual maturation of the Cypriot market on sustainability issues. 

At the same time, progress was recorded across all three ESG pillars. 

In the environmental pillar, businesses appear to be placing greater emphasis on environmental management, energy efficiency and the monitoring of their environmental impact. 

In the social pillar, improvements were recorded in areas such as human resources, health and safety, staff training, equal opportunities and social responsibility. 

The corporate governance pillar also showed a positive picture, with Artemis saying that Cypriot businesses are gradually strengthening transparency, accountability and risk management procedures. 

It added that companies increasingly recognise the importance of strong governance structures for sustainable growth. 

Artemis concluded that “the results confirm the gradual progress of the Cypriot market across all three ESG pillars, as more businesses invest in practices that strengthen their transparency, competitiveness and long-term prospects.”