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Cyprus Launches Space Business Incubator To Boost Innovation And ESA Integration

by News Editor
March 24, 2025
Cyprus is taking a bold step into the space economy with the launch of its first Space Business Incubator Center (Space BIC), spearheaded by the Eratosthenes Centre of Excellence. The agreement to establish the incubator was signed on March 17, 2025, during the 11th International Conference on Remote Sensing and Geo-Information for Environment in Paphos. The signatories included Georgios Komodromos, Deputy Director General of the Deputy Ministry of Research, Innovation, and Digital Policy, and Professor Diofantos Hadjimitsis, CEO of the Eratosthenes Centre of Excellence.

“The Space BIC represents a major leap forward in fostering a cutting-edge innovation ecosystem in the space sector, with wide-ranging benefits for Cyprus,” the Centre stated.

A Strategic Gateway To The European Space Economy

The incubator is more than just a hub for startups—it’s a strategic initiative positioning Cyprus for deeper integration into the European Space Agency (ESA). By supporting pioneering space technologies and applications, the program aims to drive the growth of space-focused enterprises while cultivating international industry collaborations.

Nurturing Space Startups And Cross-Border Partnerships

Designed to support entrepreneurs leveraging space-based technologies, the incubator will provide resources, mentorship, and funding opportunities for early-stage companies. It will also facilitate the creation of startup clusters, strengthening cooperation and accelerating knowledge exchange across borders.

“Startups will go through a structured selection process to secure support for their ventures—whether in satellite technology, hardware development, or data-driven applications,” the Centre explained. The selection rounds will be held multiple times a year, ensuring a steady pipeline of innovation in Cyprus’s emerging space sector.

With this initiative, Cyprus is staking its claim in the global space economy—fostering innovation, attracting investment, and positioning itself as a key player in Europe’s space technology landscape.

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.

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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