Xenios Konomis: While the path to net zero is challenging, it also offers significant benefits for business leaders who embrace sustainability

Achieving the goals outlined in the path to net zero presents several challenges for business leaders in Cyprus; but it also offers significant benefits for business leaders who embrace sustainability, according Xenios Konomis, Director of Corporate and SME Banking at Bank of Cyprus.

In the interview that follows, Konomis discusses the 8th Business Leaders Summit, which is being organised by Bank of Cyprus in December, and explains this year's theme: "The Path to Net Zero: Global Insights and Implications for the Economy and Business in Cyprus".

Could you elaborate on the decision of the Bank of Cyprus to organise the 8th Business Leaders Summit? What goals are expected to be achieved by this meeting of top officials?

The Bank of Cyprus’ decision to organise the 8th Business Leaders Summit is rooted in its long-standing commitment to fostering dialogue and collaboration among the business community in Cyprus. This summit has become an annual tradition, bringing together established and emerging leaders to address key challenges and opportunities. The overarching goal is to inspire action, exchange insights, and guide the business community toward innovation and resilience. This year, the focus on "The Path to Net Zero" highlights the urgency of addressing climate change and its implications for Cyprus. The summit aims to provide a platform for identifying drastic solutions, ensuring that local businesses align with global sustainability goals while promoting economic growth.

The summit this year will discuss "The Path to Net Zero: Global Insights and Implications for the Economy and Business in Cyprus". How does this theme relate to the goals that Cyprus will be required to meet at its business level, while the globe strives to deal with the effects of carbon emissions?

The theme, “The Path to Net Zero: Global Insights and Implications for the Economy and Business in Cyprus”, directly relates to the targets Cyprus must achieve in its transition toward sustainability. As part of the global commitment to combat climate change, Cyprus must reduce carbon emissions by 50% by 2030 and achieve net-zero emissions by 2050. This requires significant adaptation at the business level, particularly in some important pillars of the Cypriot economy, such as tourism, shipping, energy, and even agriculture. The theme emphasises the dual challenge of meeting these targets while maintaining economic stability and, our associates from McKinsey have prepared and will present the first of its kind study for Cyprus’ path to net zero. By framing the discussion around the impacts on key sectors and opportunities in green technology and sustainable financing, the summit seeks to position Cyprus as a proactive player in the global sustainability agenda.

How are business leaders learning to adapt to this changing environment and still managing to be successful in their fields?

Business leaders are adapting to the evolving landscape by embracing sustainable practices and integrating principles of environmental responsibility into their operations. In Cyprus, this should involve adopting advanced technologies to enhance efficiency and minimise environmental impact. Leaders are also seeking green financing opportunities and aligning their strategies with evolving EU regulations. This process of adaptation is a challenging path, but many businesses are finding that sustainable practices not only address environmental concerns but also create new avenues for growth and market competitiveness.

Can you describe some of the main challenges business leaders will have in achieving the goals outlined in the ‘path to net zero’?

Achieving the goals outlined in the path to net zero presents several challenges for business leaders in Cyprus. These include the high costs associated with transitioning to green technologies, which can strain resources, particularly for small and medium-sized enterprises. Additionally, navigating the regulatory landscape, which is continually evolving to meet international standards, requires careful planning and expertise. Leaders must also overcome technological barriers, ensuring that their operations can integrate and optimise the use of emerging green innovations. Beyond these operational challenges, fostering a cultural shift toward sustainability within organisations and among consumers can be a complex process, requiring consistent communication and engagement.

What benefits can business leaders expect from following points in the ‘path to net zero’?

While the path to net zero is challenging, it also offers significant benefits for business leaders who embrace sustainability. By reducing their reliance on traditional energy sources and improving efficiency, businesses can achieve substantial cost savings. Early adoption of sustainable practices enhances their reputation, making them more attractive to customers and investors who prioritise environmental responsibility. Access to green financing, supported by institutions like the Bank of Cyprus, further incentivises the transition. Beyond financial gains, achieving net-zero goals contributes to a more resilient economy and healthier society, reinforcing the interconnected benefits of sustainability for businesses and communities alike.

Event: 8th Business Leaders Summit - The Path to Net Zero: Global Insights and Implications for the Economy and Business in Cyprus"

Date: Tuesday, 10 December 2024

Time:16:00

Venue: Hilton Nicosia.

Organiser: Bank of Cyprus.

For more information on the 8th Business Leaders Summit, click here

To register, click here