AI’s Economic Benefits Surpass Emissions Concerns According to IMF

by News Editor

April 27, 2025

The International Monetary Fund (IMF) has recently highlighted the potential economic benefits of artificial intelligence (AI), projecting a global output boost of approximately 0.5% per year from 2025 to 2030. This growth is expected to surpass the environmental costs associated with higher carbon emissions from AI-driven data centers.

The report, showcased at the IMF’s spring meeting, emphasizes the need for equitable distribution of these economic gains while managing the adverse effects on our climate. The forecast indicates that AI’s contribution to GDP growth will outweigh the financial impacts of emissions, though it points out the necessity for policymakers and businesses to mitigate societal costs.

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Energy Demands and Environmental Footprint

AI is set to escalate global electricity demand, potentially reaching 1,500 terawatt-hours (TWh) by 2030, mirroring the energy consumption of countries like India today.

The increasing demand for data processing capacity could result in higher greenhouse gas emissions, but the AI industry aims to offset these with advancements in renewable energy technologies.

AI: A Driver for Energy Efficiency?

Analysts suggest that AI could potentially reduce carbon emissions through improved energy efficiency, fostering advancements in low-carbon technologies across sectors such as power, food, and transport. Grantham Research Institute stresses the significance of strategic action from governments and industries to facilitate this transition.

The role of AI in the global economy continues to evolve, stirring debates not only about its economic potential but also its environmental impact.

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Cyprus Leads The Eurozone In Card Payments As Digital Transactions Surge

by THEFUTURE.TEAM

July 24, 2026

Cyprus recorded the highest share of card payments in the euro area during the second half of 2025, with cards accounting for 75% of all cashless transactions, according to the latest payment statistics from the Central Bank of Cyprus. Credit transfers ranked second at 16%, highlighting the country’s continued shift toward digital payments.

Cards Dominate Everyday Spending

The report, published on Wednesday, found that card use in Cyprus continues to outpace the euro-area average. Cards accounted for 57% of cashless transactions across the bloc, compared with 21% for credit transfers.

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The central bank attributed the growth to the spread of contactless payments, expanding e-commerce and wider merchant acceptance.

Online Payments Carry Higher Values

The average in-store card payment in Cyprus was about €38, while the average online transaction reached €129. Across the euro area, the averages were €33 and €60, respectively.

Although physical purchases remained more common, Cyprus ranked among the euro area’s higher-value online card payment markets.

Credit Transfers Lead By Value

Credit transfers accounted for 84% of the total value of cashless payments, reflecting their use for higher-value transactions.

Cheques remained the second-largest payment instrument by value, mainly because of their continued use in business transactions and property deals.

The report also found that instant credit transfers have expanded rapidly in Cyprus, with adoption now exceeding the euro-area average following the implementation of the EU regulation.

Cross-Border Card Use Remains Strong

Domestic transactions represented around 70% of both the number and value of payments. Cards, however, recorded the highest level of cross-border activity, with international transactions accounting for 45% of card payments by volume and 56% by value.

Spending Patterns

Payments to payment institutions accounted for the largest share of card spending at €1.087 billion, followed by government services (€832 million) and grocery purchases (€745 million).

Spending on broker and securities dealer services more than doubled over the past three years, reflecting increased investment-related card use and the strong presence of Forex and CFD firms in Cyprus.

Contactless Payments And ATMs

More than 73% of ATMs in Cyprus support contactless transactions, well above the euro-area average of 38%.

Although the number of ATMs has fallen by around 13% over the past five years, cash withdrawals remained steady at about €2.6 billion in the second half of 2025. The average withdrawal reached a record high as consumers made fewer but larger withdrawals, while counter withdrawals continued to decline.

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