The government has announced a €55m "green transition" fund to help businesses switch from fossil fuels to more sustainable alternatives, which will run over the next five years as part of the EU-funded €900m National Recovery and Resilience Plan (NRRP).
The Green Transition Fund comprises of a climate planning fund, which offers a €1,800 grants to help businesses devise a plan to remove their reliance on fossil fuels and up to €50,000 in matched funding to go towards specific capacity building within an enterprise.
There's also the enterprise emissions reduction investment fund, which will provide up to €1m to manufacturing businesses to invest in carbon neutral heating processes, smart metering and energy monitoring, and research and development.
Commenting on the fund, Tánaiste and Minister for Enterprise, Trade and Employment Leo Varadkar said that "many of our business owners are still getting back on their feet after what has been an incredibly difficult couple of years.
"So, we need to help them when it comes to what is another enormous challenge – reducing our reliance on fossil fuels.
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"This new €55m Fund has two elements, one part to help businesses make a plan particular to their company to give them clarity on what exactly needs to be done and another part, more aimed at our manufacturing industry, investing in more environmental way of doing things."
He added: “Putin’s war on Ukraine has highlighted the vulnerability of becoming too reliant on finite resources controlled by other states. We need to help Irish businesses now prepare for a future where economic growth and fossil fuels are not intertwined. This Fund is an important help.”
Minister of State for Land Use and Biodiversity Senator Pippa Hackett said: "We will only achieve our climate targets with an all-of-Government, all-of-society approach, and the business sector has a vital role to play in our transition to a low-carbon economy.
"This is an exciting time for businesses who want to make that transition, and I am delighted to be part of a government that is targeting supports towards a greener, more sustainable and more resilient business environment.
“Employees, customers, funders and shareholders alike are demanding more from businesses when it comes to their environmental credentials.
"As businesses continue their recovery from the pandemic, this €55m Green Transition Fund is a great example of how Government funding can be used to help enterprise to move away from pre-Covid, business as usual models, to models that deliver for the environment, as well as for their employees, their customers and the communities in which they operate.”
"The businesses I talk to see opportunities to reduce their costs and their carbon emissions by better managing their energy use," said Minister of State at the Department of Justice and Equality with responsibility for Law Reform James Browne.
"These funds can unlock that opportunity for manufacturing businesses in particular, and make a real difference to the bottom line and climate impact of our enterprise base. Government understands the strain that energy costs are putting on business, and this is another way to help relieve some of that pressure."
The government developed the NRRP with direct funding under the EU’s Recovery and Resilience Facility, with Ireland expected to receive more than €900 million in grants over the lifetime of the facility.
Photo: Leo Varadkar and Pippa Hackett. (Pic: Gareth Chaney/Collins Photos)
