Source: cyprus-mail.com
Eurobank reiterated its commitment to sustainable development and the green transition during the the recently-held Green Agenda Summit, with the bank participating for the third consecutive year as a platinum sponsor.
The conference, held on June 4 under the theme “Transition as a Responsibility (not a trend)”, brought together academics, senior executives and leading experts from Cyprus and abroad to discuss the challenges and opportunities arising from the shift towards a more sustainable economy.
The event served as a platform for exchanging views on how both the public and private sectors can respond to the demands of the green transition.
Speakers stressed that the transition should no longer be viewed as a temporary trend, but rather as a necessity that will provide the foundations for a sustainable future.
Particular emphasis was placed on the need for businesses to demonstrate readiness and adaptability in managing the risks associated with the transition process.
Participants also highlighted the importance of establishing measurable ESG targets, which can help companies assess both risks and performance in matters related to sustainable development.
Discussions concerning the banking sector focused on the increasingly complex and multi-layered challenges faced by financial institutions as they seek to align fully with the European regulatory framework.
Participants in the panel entitled “Green Transition and Risk Management” outlined the changing environment for banks, shaped by factors including climate change, technological developments, armed conflicts, legal and regulatory requirements and credit risk.
Speaking on behalf of Eurobank Ltd, Chief Risk Officer Joseph Antoniou described the evolving landscape facing the banking industry.
He said that the bank treats the green transition as a top priority rather than a simple obligation, because it will determine the sustainable future of both the economy and future generations.
Antoniou explained that the green transition and climate-related physical risks have reshaped risk management frameworks and that ESG considerations are now addressed through a comprehensive and structured strategic approach.
He referred to a range of measures being implemented by the bank to apply sustainable practices across all areas of its operations.
“The role of banks is to act as examples of best practices by setting clear strategic objectives for their own sustainable development,” Antoniou said.
“At the same time, they play an important role in educating and raising awareness among their customers and the wider market, strengthening understanding of both the challenges and the opportunities linked to climate change and sustainability,” he added.
“The banking sector is also a key pillar in accelerating the green transition, acting not only as a financier but also as a guide for the market,” Antoniou said.
He added that Eurobank remains committed to supporting and strengthening the Cypriot economy through sustainable financing for businesses and households, continuous technological upgrading and innovation, transparency and social responsibility initiatives.
“The aim is the creation of long-term social value,” Antoniou said.
According to the bank, the creation of economic growth and long-term social value remains one of its key priorities as sustainability continues to guide its operations and overall strategy.