Financial support and advisory services are essential for Cyprus’ small and medium-sized enterprises (SMEs) to enhance resource efficiency, according to a Eurobarometer survey.
The survey, published by the European Commission, highlighted the need for such support to help SMEs expand their green initiatives and embrace sustainable practices in the marketplace.
The survey, conducted from June 3 to 28 with 248 Cypriot SMEs, showed that 59 per cent of respondents believe financing or subsidies would significantly aid their efforts to make resource use more effective.
Furthermore, 31 per cent of SMEs noted that guidance on financing and planning investments in resource efficiency would be beneficial, while 30 per cent suggested that advisory services on improving resource use would help.
For 10 per cent, cross-sector collaboration to develop new processes for reusing waste was seen as essential.
To support the expansion of green products and services, 42 per cent of SMEs identified financial incentives for development and streamlined procedures as crucial, while 50 per cent pointed to assistance in identifying potential markets.
Additionally, 37 per cent stressed the need for consulting services to promote and distribute green products, and 29 per cent emphasised the importance of technical support for product development.
Investment data reflects a cautious approach to resource efficiency, only 6 per cent of Cypriot SMEs have allocated more than 10 per cent of their annual turnover towards these efforts in the past two years.
Conversely, 59 per cent of SMEs spent less than 1 per cent of their turnover on resource efficiency, and 32 per cent invested between 1 and 10 per cent.
Cost concerns present a significant barrier for SMEs, with 35 per cent reporting the expense of environmental actions as the main obstacle, followed by administrative and legal complexity for 33 per cent, and complicated environmental reporting requirements for 23 per cent.
Energy-saving efforts lead efficiency measures among Cypriot SMEs, with 57 per cent implementing these steps, followed by recycling initiatives at 50 per cent and waste minimisation at 41 per cent.
Regarding green products, 72 per cent of SMEs reported they neither offer nor intend to offer such products.
Only 17 per cent currently provide green products or services, while 11 per cent are considering future inclusion.
When asked about product life extension, 72 per cent of SMEs lack a policy in this area, with 13 per cent extending the life of all their products and 15 per cent for some products.
In terms of climate impact, 66 per cent of SMEs lack a strategy to achieve climate neutrality or reduce their carbon footprint, while only 6 per cent have one in place.
However, according to the survey, 11 per cent claim they are already climate-neutral.
