Through a collaboration between Malta Enterprise and the Energy and Water Agency, assistance in the form of an investment aid scheme, is to be provided to those enterprises and businesses which implement energy efficient projects in their operations.
During a press conference, Energy and Water Agency CEO Manuel Sapiano said that this scheme will allow industry to further contribute to achieving carbon neutrality by 2050. By supporting energy efficient investment through this scheme, the country would be working towards more long term savings which will result in less operational costs that will then allow enterprises to incest more in their services. EWA CEO praised the work done between the two agencies, that will eventually lead to the sustainability of the industry’s growth.
Minister for the Economy, Investment and Small Businesses Silvio Schembri said that €15 million will be allocated to the `Energy Efficiency Scheme, with an annual budget of €5 million which will help our businesses and enterprises upgrade their equipment to cater for today’s necessities and reduce wastage of energy consumption.
“Our goal is for this scheme to encourage businesses to start implementing projects that will help them be more energy efficient. Projects which cater for the long-term, by implementing solutions and investments which will benefit both the businesses in question, as well as the country as a whole. During these more challenging months due to COVID, as a minister I continued to visit, meet and listen to businesspeople, and what impressed me most was their clear goal to not only get past this challenging moment, but to continue looking ahead. I was intrigued by some of their plans, for example, to promote projects that invest in the more efficient use of energy”, said Minister Schembri.
Minister for Energy and Water Management Michael Farrugia said energy and water are the strength and sustainment for enterprises in the manufacturing and services sectors, enabling their growth while enhancing our country’s potential. These sectors consume 30% of the total energy consumed in the country and 66% of total electricity consumption. Minister Farrugia said that these enterprises are consistently at the forefront, making the necessary investment to improve their performance.
The Energy and Water Agency within the Ministry for Energy and Water Management works with stakeholders to ensure that the reduction in energy consumption and energy efficiency remain continually on the agenda.
“The investment aid scheme announced today will therefore serve to support enterprises in preparation for the coming months, when the country’s economy regains its rhythm”, said Minister Farrugia. He concluded by saying that the National Energy and Climate Plan attaches importance to these sectors and for this reason government has launched this scheme to ensure that enterprises benefit from such aid.
Eligible projects must be aimed at improving energy efficiency and may include investment in upgrading equipment and installations to reduce energy consumption, which could be renovation or upgrading of equipment of existing heating installations or cooling systems, as well as improving the energy efficiency of existing lighting systems.
Small companies can benefit from up to 50% of the eligible value, medium companies can benefit from 40%, while large companies can benefit from up to 30%.
More information about the scheme can be found through the Malta Enterprise website and here.