Government doubles grant to €140,000 to help businesses become more sustainable

Government has doubled its Smart and Sustainable Investment Grant, which provides financial assistance to local businesses investing in sustainable projects, from €70,000 to €140,000, extending the scheme for another year, Environment Minister Miriam Dalli said.

The grant is part of the Malta Enterprise, which supports companies in the country.

Projects such as energy efficient technology, emission-reducing measures and energy auditing are eligible for the grant, which is subject to de minimis regulations.

The grant also includes a tax credit of up to €40,000, which can amount to 10% to 20% of the total project cost, depending on the specifics of the investment.

Dalli, said that every area of the economy needed to tackle environmental challenges and move towards decarbonisation and sustainability.

“Schemes like the Smart and Sustainable Investment Grant generate a lot of interest among companies, where they are encouraged to invest in more efficient and sustainable technologies, creating more and more companies operating sustainably,” Dalli said.

“At the same time, investments like these create new career opportunities, particularly in the green economy,” she continued.

One of the companies benefiting from the scheme is OLI Vibra, a specialist industrial equipment manufacturer, which is investing in more efficient and sustainable machinery, reducing its energy consumption by 60% and its processing by more than 40%, as well as lowering annual carbon emissions by 7,500 kg.

Malta Enterprise CEO Kurt Farrugia explained how Malta Enterprise

has always been supportive of businesses.

Several companies have already benefited from this scheme and many others will continue to receive assistance now that the scheme is being extended and improved, he said. Farrugia said that studies have shown that companies that do not consider sustainability as one of their top values become less competitive.

“In various discussions that we have had with businesses, we have noted that there are several challenges to achieving sustainability goals. Therefore, we want to provide assistance to these companies in this regard. We want our businesses to be at the forefront of sustainability and innovative practices,” Farrugia said.

For more information on the Smart and Sustainable Investment Grant scheme, visit maltaenterprise.com.