Cyprus is a New Cleantech Innovation Hub

PUBLICATIONS / Articles / 2017 / Cyprus is a New Cleantech Innovation Hub

Cyprus has goals to move the country towards renewables. For this purpose, growing the innovation capacity and bringing startup companies can definitely help to meet the goals.

What is Cleantech?

Cleantech can be defined as clean technology, and often used as term greentech. Cleantech has emerged a term covering the investment asset class, technology, and business industries, which include clean energy, environmental, and sustainable products and services.

Currently, Cyprus is 90 percent powered by oil products, but has a goal of 13 percent renewables by 2020, and 40 percent renewables by 2030. Indeed daily sunshine and plenty of wind can be used as the renewal energies. According to a 2015 IRENA study, moving Cyprus towards 2030 goals will generate 22,000 jobs on the island.

Meeting the goals indeed requires research investments. For this purpose, those foreign companies looking for alternative investment will benefit if entering the market. There are also number of foreign companies in the field searching new markets and Cyprus can be the one.
 

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