Bank of Cyprus Credit Ratings and Financial Position
.
Substantial progress against our ESG agenda
Carbon Neutral by 2030
Progress on carbon neutrality target in FY2022:
For the Bank to meet the carbon neutrality target, the
Scope 1 and Scope 2 GHG emissions should be
reduced by 42% (absolute target) by 2030.
The absolute reduction target has been set following the
climate scenario of 1.5°C which is aligned with the Paris
Agreement.
The Bank achieved 8% reduction in Scope 1 and Scope
2 emissions as at 31/12/2022 compared to the baseline
year of 2021.
Environment
Governance
Progress on carbon neutrality target in 1Q2023:
•
c.255k KWh energy savings yoy
Social
•
•
•
c.123k investment in energy-saving activities in 1Q2023
The Bank formulated a plan of action to reduce Scope 1 and
Scope 2 and meet carbon neutrality target by 2030 and plans to
invest in energy efficient installations and actions and replace fuel
intensive machineries and vehicles from 2023 to 2025, which
would lead to approximately 5-10% reduction in Scope 1 and
Scope 2 GHG emissions by 2025 compared to 2021.
The Bank expects that the Scope 2 GHG emissions will be
reduced further when the energy market in Cyprus shifts further
towards renewable energy.
42%
8%
2022
2030 Target
Bank-Scope 1 and Scope 2 GHG emissions
Emissions (CO2e tonnes per year)
127%
138
175
-
Scope 1 Stationary
compustion of facilities
18%
19%
12.451
↑20%
11.423
15%
11.405
10.414
726 619
164
197
Scope 1 - Mobile
combustionof vehicles
Scope 1 Fugitive
Emmissions
Scope 2 Purchased
Electricity
Total Scope 1 and Scope 2
2021
2022
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