Invest Cyprus will participate in the new Climate FDI Coalition created in the framework of the Davos Climate Forum (Climate FDI Coalition).

The proposal to create a Coalition is backed by 14 heads of investment organisations representing 300 million citizens who are committed to leading around investment in climate-aligned growth and development.

A statement issued in Davos said that enhancing the availability of funds is crucial to fill the current climate finance gap. Investment authorities, it is stressed, can play a key role in filling this gap.

Through the Coalition, it is noted, investment promotion agencies (IPAs) can explore ways of exchanging good practices and mutual support, including at regional level. The Coalition can in particular work with investors to create and facilitate green investment opportunities. The Coalition's call comes at a crucial time and the signatories will work with the Forum on the next steps. Besides enabling knowledge and experience-sharing on targeted climate FDI facilitation measures, can also help IPAs signal their commitment to investors to climate action.

Commenting on this development, the Chief Executive Office of Invest Cyprus, Marios Tannousis, who will represent the organisation in the Coalition, described the participation in this effort as very important, because, he said, Cyprus will participate in an international body that will promote investment in a key sector, such as green growth.

Cyprus, he added, has its sights set on green investments and its participation in this Coalition will greatly help our efforts.