Breaking news

Cyprus’s Progress On Sustainable Development Goals: Lagging Behind In The EU And Worldwide

by THEFUTURE.TEAM

July 2, 2024

In a recent report, Cyprus has been ranked last among EU member states and 58th globally in terms of progress towards the Sustainable Development Goals (SDGs). This ranking highlights significant challenges that the island nation faces in achieving these globally agreed targets aimed at promoting economic growth, social inclusion, and environmental sustainability.

Understanding the Sustainable Development Goals

The Sustainable Development Goals, established by the United Nations in 2015, consist of 17 interconnected goals designed to address global challenges such as poverty, inequality, climate change, environmental degradation, and peace and justice. Each member state is expected to integrate these goals into their national policies and strategies to ensure a sustainable future for all.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

Cyprus’s Current Standing

The report’s findings that Cyprus ranks last in the EU and 58th globally are a wake-up call for policymakers, businesses, and civil society. This position indicates that while Cyprus has made some strides, significant gaps remain in various areas critical to sustainable development.

Key Areas of Concern

Environmental Sustainability: One of the most pressing areas where Cyprus is lagging is environmental sustainability. The island faces challenges related to waste management, water scarcity, and biodiversity loss. The reliance on fossil fuels and the slow adoption of renewable energy sources further exacerbate environmental concerns.
Economic Inequality: Economic disparities persist within the Cypriot society, affecting access to quality education, healthcare, and employment opportunities. Addressing these inequalities is crucial for achieving the SDGs, which emphasise inclusive economic growth and social equity.
Climate Action: Cyprus’s efforts in mitigating climate change need significant enhancement. Despite global commitments to reduce carbon emissions and transition to a green economy, Cyprus has been slow in implementing comprehensive climate action policies. This sluggish progress impacts its ability to meet international climate targets.
Sustainable Cities and Communities: Urban areas in Cyprus face challenges related to sustainable development, including inadequate public transport systems, urban sprawl, and insufficient green spaces. Improving urban planning and infrastructure is essential for creating sustainable cities and communities.

The Future Forbes Realty Global Properties

Competition Authority Launches Comprehensive Review of ExxonMobil Cyprus Acquisition

by THEFUTURE.TEAM

September 16, 2025

Investigation Initiated Over Strategic Acquisition

The Competition Protection Authority has commenced a thorough investigation into the acquisition of ExxonMobil Cyprus Limited’s share capital by Petrolina Holdings Public Ltd through Med Energywise Ltd. This inquiry was formally initiated following a session held on 10 September 2025, after an in-depth review of the pertinent report by the Authority’s Service.

Concerns Over Market Compatibility

Authorities have expressed serious concerns regarding the compatibility of the transaction with established competitive practices. The review indicates that the acquisition may affect several critical petroleum markets, both horizontally and vertically, thereby raising the potential for adverse impacts on market dynamics.

Horizontal Market Dynamics

On the horizontal front, potential effects have been identified in the import market for petroleum products, as well as in both wholesale and retail distribution channels of these products. The consolidation is believed to increase the risk of price rises and coordinated actions, given the direct competitive proximity between Petrolina and ExxonMobil.

Vertical and Adjacent Market Implications

Vertical aspects of the merger are also under close scrutiny. The new entity could restrict competitors’ access to critical infrastructure such as storage facilities, supply channels, and customer bases. These restrictions could further affect the onshore distribution of fuels, the wholesale market for lubricants, and specialized technical services connected with fuel station operations.

Local Market Considerations

Particular attention is being paid to the potential concentration in the retail fuel market. The investigation suggests that a reduced competitive landscape within a four-kilometer radius of the companies’ fuel stations could lead to diminished local competition, adversely impacting consumer prices and options.

Next Steps and Industry Impact

The Competition Protection Authority, which reached a unanimous decision to pursue a full investigation, remains open to submissions from parties that might be affected by this transaction, as mandated by current legislation. A final decision is expected within four months upon receipt of all necessary evidence, potentially setting a significant precedent for future market consolidation cases in the energy sector.