The Cyprus Employers and Industrialists Federation (OEB), in recognition of the need to develop appropriate financial mechanisms for Cypriot enterprices, has secured, in cooperation with the German company adelphi Research, funding from the German Climate Initiative (EUKI) the implementation of the Business4Climate+ project. The aim of the project is to develop a road map for financing projects to reduce greenhouse gas emissions in enterprises, with the ultimate goal of incorporating this into the national climate and energy strategy. The kick off meeting was held recently at OEB offices, by representatives of adelphi and OEB.
The development of adequate funding mechanisms, taking into account the specificities and conditions for the implementation of climate and energy projects, is a challenge for both the private sector and the state. The development of such mechanisms reinforces the implementation of energy efficiency actions / investments by more and more companies.
Business4Climate+ aims, through concrete actions to be implemented by April 2019, to remove any restrictions on business access to finance. More specifically, the project’s actions include:
- Identifying successful climate and energy project financing models across Europe.
- Determining the most appropriate financing mechanisms for such projects in Cyprus, both from the private and the public sectors.
- Development of a roadmap for the financing of greenhouse gas reduction projects for the Cyprus framework by 2030.
- Training stakeholders (banks, businesses, government officials) to improve relevant skills related with the development of financing schemes.
- Developing an online assessment tool for projects that aim to reduce greenhouse gas emissions.
The Business4Climate+ project is a continuation of the Business4Climate / Business Climate project, which will provide Cypriot businesses with the tools they need to identify greenhouse gas emissions from their activities. It will also help to draw up an action plan for each business to reduce these emissions. At the same time, it will provide recognition to businesses that make conscious efforts in this direction.