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€10 Million Funding Pushes Cypriot Innovation into High Gear

As part of a landmark effort to bolster the innovation and production capabilities of Cyprus-based startups, the Research and Innovation Foundation (RIF) has launched a major funding program, “STEP: Creating State-of-the-Art Production Facilities for New Products and Services” with a hefty budget of €10 million.

Set against the backdrop of the government’s commitment to economic reform as outlined in the 2025 Governance Program, this initiative underlines an enduring strategy aimed at fortifying the country’s industrial foundation.

The program aspires to convert innovative ideas into high-value products or services by facilitating the development of contemporary production facilities—a sectoral push that promises broad commercial viability.

Who Can Benefit?

Cypriot businesses of all sizes looking to enhance their production capabilities can partake in this groundbreaking financial opportunity. Each project could receive up to €2 million, covering expenses from facility establishment to staff training.

The new funding opportunity aligns with the EU’s Strategic Technologies for Europe Platform (STEP) and is aimed at industries focusing on advanced digital technologies, clean technologies, and biotechnology.

General Director of RIF, Theodoros Loukaidis, emphasized, “STEP strategically invests in the evolution of Cyprus’s research and innovation ecosystem and industrial capabilities, empowering companies to transition from development to production, thus amplifying their global market presence.”

The program is open for proposals until September 5, 2025. For more details, interested parties can contact RIF’s Support Service at 22205000 or email support@research.org.cy.

EU Moderates Emissions While Sustaining Economic Momentum

The European Union witnessed a modest decline in greenhouse gas emissions in the second quarter of 2025, as reported by Eurostat. Emissions across the EU registered at 772 million tonnes of CO₂-equivalents, marking a 0.4 percent reduction from 775 million tonnes in the same period of 2024. Concurrently, the EU’s gross domestic product rose by 1.3 percent, reinforcing the ongoing decoupling between economic growth and environmental impact.

Sector-By-Sector Performance

Within the broader statistics on emissions by economic activity, the energy sector—specifically electricity, gas, steam, and air conditioning supply—experienced the most significant drop, declining by 2.9 percent. In comparison, the manufacturing sector and transportation and storage both achieved a 0.4 percent reduction. However, household emissions bucked the trend, increasing by 1.0 percent over the same period.

National Highlights And Notable Exceptions

Among EU member states, 12 reported a reduction in emissions, while 14 saw increases, and Estonia’s figures remained static. Notably, Slovenia, the Netherlands, and Finland recorded the most pronounced declines at 8.6 percent, 5.9 percent, and 4.2 percent respectively. Of the 12 countries reducing emissions, three—Finland, Germany, and Luxembourg—also experienced a contraction in GDP growth.

Dual Achievement: Environmental And Economic Goals

In an encouraging development, nine member states, including Cyprus, managed to lower their emissions while maintaining economic expansion. This dual achievement—reducing environmental impact while fostering economic activity—is a trend that has increasingly influenced EU climate policies. Other nations that successfully balanced these outcomes include Austria, Denmark, France, Italy, the Netherlands, Romania, Slovenia, and Sweden.

Conclusion

As the EU continues to navigate its climate commitments, these quarterly insights underscore a gradual yet significant shift toward balancing emissions reductions with robust economic growth. The evolving landscape highlights the critical need for sustainable strategies that not only mitigate environmental risks but also invigorate economic resilience.

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