Eco-innovation and eco-innovation support: Summary of Existing situation analysis in Cyprus

Cyprus is characterized by a successful economic performance with high economic growth and has one of the lowest unemployment rates (3.9 %) in European Union (7.1% in EU-27). Since its inclusion in the European Union in 2004 the country noted a significant increase in the total expenditures for R&D (33%). Eco-innovation initiatives mainly involve the implementation of various European projects dealing with environmental challenges and lately an initiative of the Ministry of Agriculture for the nomination of Environmental Awards to businesses took place.

Moreover, business incubators have been created and the development of a Technology Park is under process.  The Existing Situation Analysis in the region shows that Cypriot Governance performs well with regards to the formulation and modernization of the regulatory framework in support to eco-innovation.
 
Support to entrepreneurship is designed and managed by the Ministry of Commerce, Industry and Tourism and the key actor in Research & Development in Cyprus is the Research Promotion Foundation (RPF).  In the field of eco-innovation important role also play the University of Cyprus and the Department of Civil Engineering and Environment, the Environment Service of the Ministry of Agriculture, Natural Resources and Environment as well as the Ministry of Commerce, Industry and Tourism with the Energy Department.

Some promising figures with regards to the growth of eco-innovation in the island, derived from an innovation survey of the Statistical Service of Cyprus within the period 2004-2007. This service indicates that:

Policy support measures for (eco)innovation in Cyprus rely almost exclusively on European funds, since the majority of the relevant eco-innovation projects have been co-financed through the European programs (FP5, FP6, FP7, Energy Intelligent, MED, INTERREG, etc.).

The main eco-innovation challenges of Cyprus involve the following:

• Create communication channels between the demand side (enterprises) and the supply side (universities) for the eco-innovation system and organise a system for the support of eco-innovation and easy transfer of environmental technologies
• Enhance the range of financial mechanisms supporting the development of eco-innovation in SMEs
• Increase inputs and efficiency of business innovation in the field of environmental technologies and environmental management systems
• Increase the number of Environmental Scientists & Environmental engineering graduates

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