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Cyprus Schools Turn Cooking Oil Into Biofuel in Award-Winning ‘Frying Pan’ Initiative

In a move that’s earning Cyprus international praise, schoolchildren are playing a key role in turning used cooking oil into biodiesel. The “Tiganokinisi” or “frying pan” initiative, which has been integrated into the country’s national curriculum since 2018, is revolutionizing the recycling process, one bottle of oil at a time.

With over 80,000 students engaged annually, the project has schools acting as collection hubs for used cooking oil. The oil, sourced from homes across the island, is then filtered and transformed into biodiesel, tackling a global environmental problem: the disposal of millions of liters of cooking oil that often end up clogging drains, contaminating water supplies, and causing landfill fires.

Xenia Loizidou, chair of the AKTI Project and Research Centre, which coordinates the initiative, explained the scale of the challenge: “The logistics are huge to collect this half-litre of cooking oil from each of our houses.” Despite the challenges, the program has already managed to capture about 10% of Cyprus’s annual 2,000-tonne cooking oil waste.

The project has also proven to be an educational goldmine. Students not only contribute to recycling efforts but are also given a say in how the proceeds are spent—funding green initiatives like photovoltaic panels, water fountains, and aromatic gardens in their schools. Over €550,000 has been allocated for these projects since the program’s inception.

In 2021, U.S. energy giant Chevron stepped in to fund the mobile science laboratory that travels to schools across Cyprus, furthering the program’s reach. “We quickly realized this was a great fit for us,” said Kristian Svendsen, Chevron’s regional manager for Egypt and Cyprus. The initiative has now visited over 500 schools, spreading awareness of both recycling and renewable energy.

With its blend of environmental activism, education, and community involvement, “Tiganokinisi” has garnered attention worldwide, winning accolades from the European Commission for social innovation and from the Global Education Network Europe for excellence in global education.

This pioneering initiative shows how Cyprus is stepping up to tackle waste while teaching a generation of students that “waste” can have value—and that value can help power the future.

Central Bank Of Cyprus Balance Sheet Reflects Strong Eurosystem Position

Overview Of Financial Stability

The Central Bank of Cyprus (CBC) has released its latest balance sheet, reaffirming its steadfast role within the Eurosystem. The balance sheet, featuring total assets and liabilities of €29.545 billion, underscores the institution’s stable financial posture at the close of January 2026.

Asset Allocation And Strategic Holdings

Governor Christodoulos Patsalides issued the balance sheet, which details the CBC’s asset composition under the Eurosystem framework. Notably, the bank’s gold and gold receivables amounted to €1.635 billion, providing a significant hedge and stability to its balance sheet. Additional asset categories include claims on non-euro area residents denominated in foreign currency at €1.099 billion, while claims on euro area residents in both foreign and domestic currency add further depth to its portfolio.

The most substantial asset category, intra-Eurosystem claims, reached €19.438 billion, an indication of the CBC’s deep integration with its European counterparts. Furthermore, euro-denominated securities held by euro area residents contributed €6.587 billion. Despite a marked emphasis on these areas, lending to euro area credit institutions in monetary policy operations recorded no activity during the period.

Liability Structure And Monetary Policy Implications

On the liabilities side, banknotes in circulation contributed €3.218 billion. Liabilities to euro area credit institutions associated with monetary policy operations were notably the largest single category, totaling €17.636 billion. Supplementary liabilities included those to other euro area residents, which aggregated to €4.989 billion, with government liabilities playing a predominant role at €4.754 billion.

Other liability items, such as claims related to special drawing rights allocated by the International Monetary Fund at €494.193 million, and provisions of €596.571 million, further articulate the CBC’s exposure. Revaluation accounts stood at €1.643 billion, and overall capital and reserves were confirmed at €333.822 million, completing the picture of a well-capitalized institution.

Conclusive Insights And Strategic Alignment

The detailed breakdown illustrates the CBC’s sizeable intra-Eurosystem exposures, reinforcing its central role within Europe’s monetary landscape. With an asset-liability balance maintained at €29.545 billion, the CBC’s financial position remains robust, indicating a commitment to structural stability and strategic risk management.

This fiscal disclosure not only provides transparency into the CBC’s operations but also serves as a benchmark for comparative analysis among other central banks within the Eurosystem, highlighting the intricate balance between asset liquidity, regulatory oversight, and monetary policy imperatives.

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