The €140 million budget for renewable energy will give businesses a needed boost, the Malta Chamber of Commerce said today.

In a statement, the chamber welcomed the news that the European Commission has approved plans drawn up by Malta, to support power generation from renewable sources.

The total budget of approximately €140 million, allocated between 2016 and 2020, will provide a necessary boost for Malta's businesses.

Apart from the benefits that these schemes will allow Malta to reduce its dependence on fossil fuels and therefore improve air quality, the scheme will also encourage investment in green energy, providing a boost in a growing economic sector.

Moreover, the schemes will also be instrumental for Malta to reach the 10 per cent target of gross electricity consumed by 2020, set out by the Renewable Energy Directive.

By the end of 2014, in fact Malta had only achieved four per cent renewables share. Achieving the remaining six per cent will avoid Malta incurring unnecessary penalties or resorting to costly last minute solutions.