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We are fully aware of our responsibility when it comes to the negative impact of our operations on the environment.

We are therefore improving our eco-efficiency.
During 2015-2016 we continued striving toward power-saving through a number of specific actions such as: 

  • Regular and preventive maintenance of heating and air-conditioning systems
  • Use of BMS (Building Management System) to optimize the operation of heating and air-conditioning systems
  • Replacing old air-conditioning equipment and installing new, more efficient devices. As part of this process, we have appointed consultants for each building.
  • Monitoring and adjusting operating parameters, i.e. hours of operation and the temperature settings on heating and air-conditioning systems.
  • Replacing conventional lighting with newer, more efficient LED-type light bulbs in three of the Bank’s buildings, plus another contract for similar installations in 10 other buildings. Estimated time of completion: Q1 2017. We have also awarded a contract for the installation of a 100kW photovoltaic system in an IT building, pending approvals from town planning and housing authorities.
  • Drawing up a plan for energy management control of all Bank of Cyprus premises. We are currently in the tenders procedure. It is estimated that the inspections will be completed by the end of 2017.
  • Minimizing unnecessary business trips where teleconferencing is an alternative.

    ISO 50001 international standard for energy management systems

IS050001 aims to enable organisations to introduce systems and procedures required to continually improve energy performance, efficient energy use and power consumption. The IS050001 standard aims to help organisations reduce their energy use and therefore their greenhouse gas emissions.

During the course of 2016 we implemented the ISO50001 standard at two Bank of Cyprus data centres. The certification inspection was successfully completed in July 2016, and we await certification from the Certification Committee.


Total energy consumption

2014: 29.5 GWh at a cost of €5,000,000

2015: 30 GWh at a cost of €4,813,890 (including VAT)

Energy consumption, per employee

2014: 4,048 employees = 7,195 kWh

2015: 4,300 employees = 6,975 kWh

Energy consumption, per work area

2014: 187 kWh / m2

2015: 190 kWh / m2

Energy consumption

Total energy consumption from all of Bank of Cyprus operations was estimated at 29.5 GWh. This corresponds to 7,195 kWh per employee, while energy consumption per work area comes to 187 kWh/m2. The electrical power cost was approximately €5 million.


Waste management

We apply the paper recycling programme throughout our premises. Paper collection and recycling from the Bank’s four largest buildings in Nicosia came to 15 tons, whereas an additional 179 tons were collected and recycled from the other branches island-wide.

In a bid to cut down on paper use, we have upgraded our portal, which features daily circulars and announcements that previously were disseminated by internal mail or fax. The posting of circulars and announcements on the portal saves time, produces less clutter and, of course, cuts down on paper use. In addition, instead of physical meetings, a large number of teleconferences are being held among staff and associates, thus leading to lower fuel emissions due to less use of vehicles.

Lastly, the 1bank service (electronic banking) and the services offered via phone and the website, have led to a drastic reduction in the cost of paper and thus the operating cost of our branches. 1bank is being constantly upgraded to provide better and faster online services to our customers, with new products and applications rolled out for smartphones.


Our environmental performance is reported annually in our Corporate Social Responsibility Report under GRI Standards, contributing to transparency and accountability. The next Report, which includes the non-financial results of the Group, will be published in Feburary 2017.

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