Sustainable Bond Framework
•
Republic of Cyprus' national sustainability objectives
Commitments to Paris and beyond
Cyprus ratified the Paris Agreement
and committed to limiting global
warming to well below 2 degrees
Celsius.
Cyprus commits to the relevant
climate and energy targets set by the
EU for 2030, including reduction of
GHG emissions, increasing energy
efficiency & share of renewable
energy in the energy mix.
In 2015, Cyprus committed support to
the 17 Sustainable Development Goals
("SDGS") of the United Nations.
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8
SUSTAINABLE
DEVELOPMENT
GOALS
PARIS2015
UN CLIMATE CHANGE CONFERENCE
COP21.CMP11
Cyprus has a number of national sustainability strategies
These strategies reflect a commitment to address environmental and social vulnerabilities
and advance the UN SDGs.
The National Energy and Climate Plan, published Jan 2020, established the following
targets:
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•
•
Reducing greenhouse gas emissions by at least 20.9% compared to 2005 in sectors not
covered by the EU Emissions Trading System.
Emissions from land use/change/forestry are offset by at least equivalent removal of
CO2 from atmosphere.
By 2030, reducing final energy consumption by 13% and primary energy consumption
by 17% vs 2007 levels.
Increasing the share of renewable energy sources in energy consumption.
The Recovery & Resilience Plan 2021-26:
Established as a beneficiary of the
EU's response to COVID-19, through
the EU Recovery & Resilience
Facility ('RRF'), Cyprus received
€157m in Sep 2021, with €1.2bn
expected over lifetime of plan.
Cyprus intends for sustainable
borrowing under Green, Social and/or
Sustainable Instruments to complement
the initiatives under the Recovery and
Resilience Plan.
RRF allocation to Cyprus (€1.2 bn)
250
200
150
100
50
2021 2022 2023 2024 2025 2026 2027
Grants (Total EUR 1 bn) Loans (Total EUR 0.2 bn)
Source: Ministry of Finance, University of Cyprus
CO
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