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Cyprus’ Financing Programme On Track Amidst Economic Optimism

Cyprus is advancing its annual financing programme efficiently, aligning closely with its fiscal targets for 2024. The approved borrowing ceiling stands at €1.3 billion, predominantly sourced from European Medium-Term Notes (EMTN). So far, Cyprus has successfully raised nearly €1.2 billion, including a recent €1 billion, seven-year fixed-rate bond issued in June.

The financing strategy also includes public treasury bills and domestic bonds aimed at individual investors. To date, €87.5 million of the targeted €120 million in treasury bills and €6.4 million of the intended €40 million in domestic bonds have been issued. Furthermore, Cyprus has secured €92.75 million in loans from supranational organisations, progressing towards the €140 million goal.

Public treasury bills, set to mature in October 2024, offer an annualised yield between 3.65% and 3.75%, presenting an attractive option for non-professional investors and businesses seeking secure liquidity management.

Sophic, a financial platform, plans to acquire a portion of the upcoming treasury bill issuance, replicating its strategy from June where it, alongside Athlos Capital, acquired over 80% of the €21.5 million issuance for client allocation.

Cyprus’ prudent financial management and structured approach towards funding reflect a robust fiscal framework aimed at maintaining economic stability and fostering investor confidence. This meticulous execution of the financing programme underscores Cyprus’ commitment to strategic fiscal governance and economic resilience, which are vital for sustaining long-term growth.

The ongoing success of Cyprus’ financing programme highlights the nation’s proactive fiscal planning and the effectiveness of its public debt management office. By securing diverse funding sources and maintaining investor engagement, Cyprus continues to bolster its financial stability and economic prospects.

As Cyprus progresses with its financing activities, the focus remains on sustaining fiscal discipline while leveraging favourable market conditions to optimise funding costs. This approach not only ensures the fulfilment of immediate financing needs but also lays a solid foundation for future economic resilience.

Real Or Artificial Christmas Tree: Which Is Better For The Environment?

Choosing between a real and artificial Christmas tree is an annual dilemma, but the environmental impact depends on more than the type of tree. Its production, transport, how long it is used and what happens to it after the holidays all matter.

Artificial trees can spread their manufacturing footprint over many years, while locally grown real trees can be a lower-impact option if responsibly sourced and properly recycled. Renting a living tree is another alternative.

Artificial Trees Need Years Of Use To Be Sustainable

The environmental case for artificial trees depends largely on how long they remain in use. Manufacturing and transporting plastic trees generates emissions, which are spread over each year of use.

According to the Carbon Trust, an artificial tree needs to be used for seven to 20 years to have a lower carbon footprint than a real one.

However, some consumers replace artificial trees much sooner. Research published in 2017 found that 14% of artificial-tree buyers in the UK planned to discard theirs after just one season.

“If you’ve got a fake tree already, keep using it – make it last as long as possible,” says Emi Murphy, a tree campaigner at Friends of the Earth. She recommends considering more sustainable alternatives when an existing tree eventually needs replacing.

Buying a secondhand artificial tree from a charity shop or online marketplace can also avoid the environmental costs of manufacturing a new one.

Choosing A Responsibly Grown Real Tree

For households that do not plan to keep an artificial tree for many years, a fresh-cut tree may be a better option, particularly if it is grown locally and responsibly.

Certification from the Forest Stewardship Council (FSC) can help identify trees from responsibly managed sources. Buying locally can also reduce transport emissions, as many trees sold across Europe are shipped from major producers in countries such as Denmark and Germany.

Consumers can ask suppliers where their trees were grown and how the land is managed. Buying directly from a nearby farm can also support regional growers.

Renting A Living Christmas Tree

Renting a potted tree offers another option. Customers receive a living tree for the holiday season and return it afterwards so it can be cared for and reused.

London Christmas Tree Rental delivers potted trees in early December and collects them after the holidays. Co-founder Catherine Loveless said the idea came from concerns about trees being grown for only a few weeks of use before being discarded.

“It just felt so wasteful for these beautiful trees to grow just for the sake of three weeks of our pleasure,” Loveless told Euronews Earth.

However, the environmental benefits depend on whether the tree stays healthy, survives after collection and can be reused in subsequent seasons. Transport and ongoing care also need to be considered.

How To Dispose Of A Christmas Tree

What happens after the holidays is another important part of a tree’s environmental footprint.

According to the Carbon Trust, an average two-metre real tree sent to landfill produces around 16 kilograms of carbon dioxide, as well as methane during decomposition. Chipping or burning the tree can reduce its carbon footprint by up to 80%.

Households should check whether their local authority offers Christmas tree collection. Collected trees may be chipped for paths or composted for use in public green spaces.

Artificial trees are more difficult to recycle because they combine materials such as plastic and metal. If a tree is still in good condition, donating it to a charity, church or community organisation can extend its useful life and prevent unnecessary waste.

Which Christmas Tree Is The Best Choice?

There is no single answer for every household. Keeping an artificial tree for as long as possible is often the most practical option if you already own one. Those buying a real tree can reduce its impact by choosing a responsibly grown local option and arranging proper recycling. Renting a living tree may also work where providers can reliably collect, maintain and reuse it.

Ultimately, the most sustainable choice depends on making the tree last, reducing unnecessary transport and planning how it will be reused or disposed of after the holidays.

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