Bank Of Cyprus Sustainability Profile
Bank of Cyprus Public Company Ltd, commonly known as Bank of Cyprus, is a leading financial institution headquartered in Nicosia, Cyprus (CY). Established in 1899, it has played a pivotal role in the Cypriot banking sector, expanding its operations across Europe and the UK. The bank primarily operates in the banking and financial services industry, offering a comprehensive range of products including personal and business banking, wealth management, and investment services. With a strong focus on innovation, Bank of Cyprus is recognised for its digital banking solutions, enhancing customer experience and accessibility. The bank has achieved significant milestones, including its successful recovery following the financial crisis of 2013, positioning itself as a key player in the region. Its commitment to customer service and financial stability continues to solidify its market position as a trusted banking partner in Cyprus and beyond.
DitchCarbon Score
How does Bank Of Cyprus's carbon action stack up? DitchCarbon scores companies based on their carbon action and commitment to reducing emissions. Read about our methodology to learn more.
Industry Average
Mean score of companies in the Financial Intermediation industry. Comparing a company's score to the industry average can give you a sense of how well the company is doing compared to its peers.
Industry Benchmark
Bank Of Cyprus's score of 41 is higher than 60% of the industry. This can give you a sense of how well the company is doing compared to its peers.
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Bank Of Cyprus's reported carbon emissions
In 2023, Bank of Cyprus reported total greenhouse gas emissions of approximately 20,797,690 kg CO2e across all scopes. This includes 902,250 kg CO2e from Scope 1 emissions, primarily from mobile combustion (220,000 kg CO2e) and fugitive emissions (584,000 kg CO2e). Scope 2 emissions totalled about 10,529,000 kg CO2e, mainly from purchased electricity (9,359,000 kg CO2e). The bank's Scope 3 emissions were significant, with the largest contributions from purchased goods and services (16,512,000 kg CO2e) and waste generated in operations (2,821,000 kg CO2e). In 2022, the bank's emissions were approximately 23,758,000 kg CO2e for Scope 3, alongside 230,000 kg CO2e for Scope 1 and 11,906,000 kg CO2e for Scope 2. The emissions data for 2021 showed similar trends, with total emissions of about 21,750,750 kg CO2e in Scope 3, 1,028,710 kg CO2e in Scope 1, and 11,423,000 kg CO2e in Scope 2. Despite these figures, Bank of Cyprus has not set specific reduction targets or initiatives as part of its climate commitments. The bank's emissions data is not cascaded from a parent company, and it operates independently in its reporting and sustainability efforts. The bank's focus on sustainable finance is evident, with metrics indicating emissions avoided per square metre financed in commercial and residential sectors, highlighting its commitment to reducing the carbon footprint associated with its financing activities.
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| 2021 | 2022 | 2023 | |
|---|---|---|---|
| Scope 1 | 1,028,710 | 000,000 | 000,000 |
| Scope 2 | 11,423,000 | 00,000,000 | 00,000,000 |
| Scope 3 | 21,750,750 | 00,000,000 | 00,000,000 |
How Carbon Intensive is Bank Of Cyprus's Industry?
How Carbon Intensive is Bank Of Cyprus's Location?
Bank Of Cyprus's Scope 3 Categories Breakdown
Bank Of Cyprus's Scope 3 emissions, which decreased by 1% last year and decreased by approximately 4% since 2021, demonstrating supply chain emissions tracking. Most of their carbon footprint comes from suppliers and value chain emissions, with Scope 3 emissions accounting for 65% of total emissions under the GHG Protocol, with "Purchased Goods and Services" being the largest emissions source at 79% of Scope 3 emissions.
Top Scope 3 Categories
Bank Of Cyprus's Climate Goals (2030 & 2050)
Climate goals typically focus on 2030 interim targets and 2050 net-zero commitments, aligned with global frameworks like the Paris Agreement and Science Based Targets initiative (SBTi) to ensure alignment with global climate goals.
Bank Of Cyprus has not publicly committed to specific 2030 or 2050 climate goals through the major frameworks we track. Companies often set interim 2030 targets and long-term 2050 net-zero goals to demonstrate measurable progress toward decarbonization.
