The Government has unveiled a new €55 million scheme aimed at helping businesses to transition from fossil fuels towards more sustainable and cheaper alternatives.
As reported by the Irish Examiner, the green transition scheme will allow individual manufacturing companies to access up to €1 million in funding to enable them to make the switch to greener energy.
The funding will cover the cost of planning the energy switch, as well as providing money to encourage manufacturers to invest in more environmental options.
The €1 million figure will be available to manufacturing businesses under the Enterprise Emissions Reduction Investment Fund, providing them with funding to invest in carbon-neutral heating processes, energy monitoring, smart metering, and research and development.
Businesses will also be able to avail of €1,800 to develop a plan to change their energy source. A number of more specific grants will then be available depending on the business' plan, such as €50,000 in matched funding to put towards specific capacity building.
Speaking about the funding, Minister for Trade, Enterprise and Employment Leo Varadkar said the war in 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," the Tánaiste added.
The new scheme is due to run for the next five years.
