€20 million fund launched for businesses to enhance energy efficiency

Minister for the Economy, European Funds and Lands Silvio Schembri and Parliamentary Secretary for European Funds Chris Bonett launched a €20 million grant scheme for businesses to carry out retrofitting in existing buildings in a bid to increase energy efficiency.

The funds are part of the European Commission’s Recovery and Resilience Plan (RRP) for Malta. This plan identifies a number of investments and reforms that will be financed by the €257 million funds allocated to Malta and aimed at making Malta more sustainable and resilient, €20 million of which is the grant scheme being launched today. 

The scheme does not cover projects in new buildings or extensions but is aimed at renovating existing buildings. Each project can be awarded a grant of up to €1 million. 

Minister Schembri explained that the implementation of this recovery plan is designed to have a more immediate effect. That is why all projects under this scheme, aimed at supporting the green transition, must be completed by December 2025.

“In order to achieve this goal, we need to ensure that our businesses invest more in digital transformation as well as operating greener and less polluting practices. This will maximise our resources, reduce business operating costs and increase efficiency and competitiveness,” he said.

Minister Schembri further explained that the Recovery and Resilience Plan for Malta was discussed with all stakeholders. “On this scheme, we met stakeholders to hear their views beforehand. I urge all businesses to grasp the opportunity to utilise such funds to be more resilient,” he added.

Parliamentary Secretary Chris Bonett said that this scheme is aimed at encouraging companies to invest in their existing buildings to become more competitive and more resilient for future challenges, making them much more efficient and reducing energy consumption.

Dr Bonett explained that the government consulted with social partners to draft the €20 million Recovery and Resilience Fund schemes so that the schemes are of benefit to businesses and for the government to listen to the suggestions of all those involved. Dr Bonett called on companies to make good use of these funds.