Cyprus stands at the bottom of the European Union in terms of private investments aimed at mitigating climate change, according to data released by Eurostat on Tuesday.

In 2023, private investments in climate change mitigation measures across the EU amounted to €95.3 billion, representing 0.55% of the EU’s Gross Domestic Product. From 2005 to 2016, investments remained relatively stable at around 0.5% of the GDP. A notable upward trend followed between 2017 and 2021, peaking at 0.64% in 2021. In the subsequent two years, investments saw a slight decline, standing at 0.56% of the GDP in 2022 and 0.55% in 2023.

Among EU Member States, Lithuania and Denmark recorded the highest shares of private investments in climate change mitigation for 2023, at 1.5% of their GDP. They were followed by Latvia and Sweden, at 1.2%. The majority of other EU countries posted shares below 1%. Notably, Cyprus and Ireland registered the lowest levels, both below 0.1% of their GDP—0.06% in Cyprus and 0.09% in Ireland, placing Cyprus at the bottom of the rankings.

According to Eurostat, direct and substantial increases in “green” investments are vital for sustainable economic growth, job creation in the clean energy sector, and compliance with European commitments to reduce greenhouse gas emissions.