Climate change and environmental degradation are a major threat to the European Union (EU), the world and business. To overcome these challenges, the European Green Deal was adopted which is Europe's growth strategy, which will transform the EU into a modern, resource-efficient and competitive economy. The European Green Deal aims to make Europe climate neutral by 2050, boost the economy through green technology, create sustainable industry and transport and reduce pollution. Turning climate and environmental challenges into opportunities will make this green transition fair and inclusive for all.

The European Commission helps EU Member States to design and implement reforms that support the green transition and help achieve the objectives of the European Green Deal. The green transition means a shift towards an economically sustainable development and an economy that is not based on fossil fuels and over-consumption of natural resources. A sustainable economy is based on low-carbon solutions that promote the circular economy and the protection of biodiversity.

For Cypriot companies and organizations, the green transition is one of the modern challenges and is completely connected to the strengthening of the Corporate Sustainability and Responsibility (CSR) of businesses. Organizations and businesses in the context of their Corporate Social Responsibility (CSR) are called upon to adopt principles and policies of sustainability and responsibility in order to respond to the challenges of the times. The ESG (Environment – ​​Society – Corporate Governance) criteria relate both to the sustainability and responsibility of businesses, as well as to their competitiveness, resilience and longevity.

By adopting these policies, companies and organizations achieve their environmental and quality upgrading, the creation, improvement and upgrading of green spaces in the organization's / company's facilities, reduced consumption and rational management of resources and therefore reduced economic expenses by reducing their general operating and other expenses (eg energy and water consumption). In addition, the companies and organizations distinguished by these awards, contribute to the protection and preservation of the environment through the adoption of pro-environmental practices, promote actions for the education and awareness, in environmental matters, of the staff and/or customers, and/or their suppliers. They also gain increased publicity gaining a competitive advantage over their competitors. 

Authoritative analysts (such as Granskog and Nauclér) point out that we have moved into an era of business transformation with dramatic changes for business greening. Businesses need to adopt a new formula for scaling up and setting ambitious goals to transform themselves into green businesses. Businesses that succeed in adopting the green transition will lead the green economy and define the steps forward. Organizations and businesses that adopt environmental standards, awards and distinctions, such as the Pancypriot Environmental Awards for Organizations and Businesses, but also that indicate and communicate the commitment of the organization and business to respect and protect the environment to the wider public, staff and also to their customers and suppliers, are already on the right path of the green transition.

Additionally, the adoption of environmental policies such as (a) waste reduction, (b) reduction of resource consumption (e.g. water), (c) reduction of energy consumption (d) use of Renewable Energy Sources, (e) implementation of a circular business model, can lead, with steady steps, the organization / business towards Corporate Sustainability and Responsibility (CSR) with multiple benefits. At the same time, the implementation by the organization and the business of an environmental policy to raise awareness and educate the staff, customers and the public of the organization and the business is also particularly important. Finally, cooperation activities and actions, through joint programs, and financial and/or other support to local Environmental Research and Education Centres and/or to local environmental organizations and agencies, are of particular importance and increase the connection of the organization and the business with the local community with also multiplying benefits for the organization and the business.

In the era of the green transition, organizations and businesses are called upon to become pioneers in sustainable and sustainable operations and policies. Successful green businesses are those that lead the way by setting ambitious goals, innovating and forming partnerships and synergies with wider society to minimize the environmental impact of their operations and to minimize carbon emissions. Reducing the ecological and carbon footprint of organizations and businesses and achieving Net Zero is a source of hope for mitigating or even solving the climate crisis.