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Cyprus Leads The EU In Household Cooling Demand As Rising Temperatures Reshape Energy Use

by THEFUTURE.TEAM

July 9, 2026

Cyprus recorded the highest share of household energy consumption devoted to space cooling in the European Union in 2024, according to new data from Eurostat, highlighting the growing impact of rising temperatures on residential energy demand across southern Europe.

Cyprus Leads The EU In Cooling Demand

Space cooling accounted for 16% of final household energy consumption in Cyprus last year, the highest share among EU member states. Malta ranked second at 15%, while Greece allocated 7.4% of household energy use to cooling, compared with 2.5% in Spain and 2.3% in Italy.

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Although larger countries such as Italy, Spain and Greece consumed more energy for air conditioning in absolute terms because of their larger populations, Cyprus stood out for the proportion of household energy dedicated to keeping homes cool.

Cooling Demand Continues To Rise

Across the European Union, household energy consumption for space cooling reached 80.4 thousand terajoules (TJ) in 2024, doubling from 40.5 thousand TJ in 2018. According to Eurostat, demand increased almost every year during that period, with only two temporary declines: a 2.5% drop in 2020 and a 1.9% decrease in 2023.

The broader trend nevertheless points to a steady increase in cooling demand as higher temperatures make air conditioning an increasingly important part of household energy use across the bloc.

Mediterranean Countries Face The Greatest Pressure

In absolute terms, Italy recorded the highest energy consumption for space cooling at 26.3 thousand TJ, followed by Spain with 14.3 thousand TJ and Greece with 11.9 thousand TJ. However, when measured as a share of household energy use, Cyprus and Malta remain the EU’s most cooling-dependent countries, reflecting the greater impact of prolonged summer heat on the two Mediterranean island states.

The latest figures illustrate how climate change is reshaping energy consumption patterns across Europe. In the bloc’s warmer regions, space cooling is becoming less of a seasonal necessity and more of a permanent component of household electricity demand.

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Bank of Cyprus And Wealthyhood Launch Digital Investing Platform For Cyprus

by THEFUTURE.TEAM

July 9, 2026

The Bank of Cyprus and Wealthyhood have launched a co-branded investment platform aimed at making investing more accessible in Cyprus, with the service available to all residents regardless of whether they are customers of the bank.

Marking the first major milestone in the strategic partnership between the two companies, the launch follows the Bank of Cyprus’ role as lead investor in Wealthyhood’s €6 million funding round earlier this year.

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A Platform Designed To Expand Access

Combining Wealthyhood’s digital investment infrastructure with the Bank of Cyprus’ customer reach, the new Wealthyhood x BoC mobile app and web platform is designed to broaden access to investing across the island.

Although open to all residents of Cyprus, Bank of Cyprus customers will benefit from a simplified onboarding process. By linking their bank accounts, users can complete identity verification more quickly, transfer funds seamlessly and begin investing with fewer steps.

Additional features and customer benefits are expected as integration between the two companies continues to evolve.

Strengthening Digital Investing In Cyprus

For Wealthyhood, the partnership represents far more than a funding relationship. Co-founder and Chief Executive Alexandros Christodoulakis said the bank’s decision to partner with the company validates the technology it has spent years developing.

“Our partnership with the Bank of Cyprus is far more than a capital investment. It is enterprise-level validation of the infrastructure we have spent years building.”

Rather than investing significant time and resources in developing its own platform, the bank chose to partner with an established wealthtech provider, allowing it to bring a digital investment solution to market more quickly. Christodoulakis also emphasised that the platform is intended to promote disciplined, long-term investing rather than speculative trading.

“We are not here to launch another speculative day-trading gimmick. We are here to bridge the financial literacy gap for Millennials and Generation Z across Cyprus, giving them the tools, transparency and structure they need to take control of their financial future with confidence.”

Addressing A Gap In The Local Market

According to Christos M. Ioannou, Head of Private and Affluent Banking at the Bank of Cyprus, the partnership was created to address growing demand for a modern, accessible investment platform.

“Recognising a gap in the Cypriot market for a modern and accessible digital investment platform, the Bank of Cyprus entered into a strategic partnership with Wealthyhood to make investing more accessible to a wider audience.”

Available to everyone in Cyprus, the platform is intended not only for existing Bank of Cyprus customers but for anyone looking to begin investing. That approach, Ioannou said, reflects the bank’s broader commitment to improving financial literacy and encouraging wider investment participation across the country.

He added that the initiative is designed to help younger generations and first-time investors start building wealth in a simple, responsible and secure way.

Tools For Every Type Of Investor

Among the platform’s features are a financial literacy hub with more than 50 educational guides, a financial glossary, daily market updates and analyst insights tailored to local users.

Investors will also gain access to international markets, including fractional share investing from as little as €1, while trades will be available with zero commission fees.

To accommodate different investment styles, the app combines self-directed investing with an AI-powered portfolio builder and robo-advisory tools. Autopilot enables users to automate recurring investments and portfolio rebalancing, while an AI Co-Pilot, currently under development, will allow users to ask questions about markets and portfolios, manage accounts and execute investment orders through a conversational interface.

Investment Risk Still Applies

As with any investment product, the companies reminded users that investments can rise or fall in value.

Investment services are provided exclusively by Wealthyhood Europe AEPEY. The Bank of Cyprus does not provide investment services or investment advice and is not responsible for the services offered through the platform.