The Tánaiste Leo Varadkar has said that a €55 million ‘Green Transition’ fund to help businesses move away from fossil fuels will help combat climate change.
The business package is to encourage firms to move towards more sustainable alternatives.
As part of this government’s plans to take better care of our planet Minister for Enterprise Leo Varadkar along with Minister of State for Biodiversity Pippa Hackett and Minister of State for Law Reform James Browne announced the new funding to help businesses move away from fossil fuels
The Green Transition Fund is part of Ireland’s National Recovery and Resilience Plan (NRRP), which is funded by the European Union.
Speaking today, the Tánaiste said, ” Businesses have a really important role to play. However, we need to recognise that, despite the fact we have a higher number of people employed now than in the history of the state, 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.
“This new €55 million 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 a more environmental way of doing things.
“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 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.”
Minister James Browne said, ” 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. The government understands the strain that energy costs are putting on business, and this is another way to help relieve some of that pressure.”
The Green Transition Fund comprises:
1. The Climate Planning Fund for Business, will give businesses funding to come up with a personalised plan to identify how best to remove reliance on fossil fuels in their business. A €1,800 grant to develop a plan and up to €50,000 matched funding to go towards specific capacity building within an enterprise are among the grants available.
2. The Enterprise Emissions Reduction Investment Fund, will give manufacturing businesses funding to invest in carbon neutral heating processes, smart metering and energy monitoring, and research and development. Up to €1 million is available for businesses to upgrade their processes.
The programmes will run over the next five years. The National Recovery and Resilience Plan (NRRP) was developed by the government to direct funding under the EU’s Recovery and Resilience Facility. Ireland is expected to receive more than €900 million in grants over the lifetime of the Facility.