STATEMENT BY THE MINISTRY OF ECONOMY, EUROPEAN FUNDS AND THE ARTS: € 20 million from Recovery and Resilience Plan for energy efficient businesses

The Minister for the Economy, European Funds and Lands Silvio Schembri, together with the Parliamentary Secretary for European Funds Chris Bonett, has launched a € 20 million fund aimed at helping businesses retrofit in such a way that making their business more energy efficient.

These funds are part of the European Commission’s Plan for Malta’s Recovery and Resilience. This plan identifies a number of investments and reforms that will be funded by a € 257 million fund allocated to Malta, € 20 million of which will be for this scheme.

This scheme does not include projects in new buildings or extensions, but renovation of existing buildings. Each project can be awarded up to a million euros.

Minister Silvio Schembri explained that the implementation of these recovery funds is designed to have immediate effect. Therefore, in order to have a more resilient economy, all projects under these funds must be completed by December 2025.

“In order to achieve this goal, we need to see that our businesses invest more in digital as well as operate greener and less polluting practices. In this way we will be maximizing our resources, reducing the operational costs of businesses and increasing efficiency and competitiveness, ”stressed Minister Schembri.

Minister Schembri added that the full recovery plan for Malta was discussed with all stakeholders. “Even on this particular scheme we met with all stakeholders both before and during the drafting of this measure so that we can hear from them and see that what we are going to announce will have the greatest possible effect. I now urge companies to take part in this scheme in order to ensure that we are more resilient in the future, ”said Minister Schembri.

Parliamentary Secretary Chris Bonett said the scheme is aimed at enabling companies to invest in their buildings to become more competitive and more resilient to future challenges. This is by making them more efficient and reducing their energy consumption.

Dr Bonett explained that the government has consulted with the social partners in order to design the € 20 million Recovery and Resilience Fund schemes in order to best benefit companies and The government listens to the suggestions and ideas of the social partners. Dr. Bonett called on companies to make good use of these funds.

Source: Office of the Prime Minister