Bank Of Cyprus
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 35 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 carbon emissions of approximately 11,563,000 kg CO2e, comprising 1,034,000 kg CO2e from Scope 1 emissions and 10,529,000 kg CO2e from Scope 2 emissions. The Scope 3 emissions were significant, amounting to about 16,512,000 kg CO2e, with major contributions from purchased goods and services (approximately 16,512,000 kg CO2e) and waste generated in operations (about 2,821,000 kg CO2e). Comparatively, in 2022, the bank's total emissions were around 13,020,000 kg CO2e, indicating a reduction in emissions from the previous year. The Scope 1 emissions in 2022 were approximately 1,114,000 kg CO2e, while Scope 2 emissions were about 11,906,000 kg CO2e, and Scope 3 emissions totalled around 16,138,000 kg CO2e. In 2021, the total emissions were significantly higher at approximately 35,301,000 kg CO2e, with Scope 1 emissions at about 1,029,000 kg CO2e and Scope 2 emissions at approximately 11,423,000 kg CO2e. The Scope 3 emissions for that year were around 22,849,000 kg CO2e. Despite these figures, Bank of Cyprus has not set specific reduction targets or climate pledges, and there are no SBTi (Science Based Targets initiative) reduction targets reported. The emissions data is not cascaded from any parent organization, ensuring that the figures reflect the bank's direct operations. Overall, while Bank of Cyprus has made strides in reducing its emissions over the past few years, the absence of formal reduction commitments highlights an area for potential improvement in its climate strategy.
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| 2021 | 2022 | 2023 | |
|---|---|---|---|
| Scope 1 | 1,028,710 | 0,000,000 | 0,000,000 |
| Scope 2 | 11,423,000 | 00,000,000 | 00,000,000 |
| Scope 3 | 22,848,950 | 00,000,000 | 00,000,000 |
Industry emissions intensity
Location emissions intensity
Reduction initiatives & disclosure networks
Companies disclose and commit to reducing emissions to show they are serious about reducing emissions impact over time. They can also help a company track its progress over time.
Bank Of Cyprus is not participating in any of the initiatives that we track. This may change over time as the company engages with new initiatives or updates its commitments. DitchCarbon will update this information as it becomes available.
