A financial scheme that supports businesses to invest in technology to make them more sustainable will double, Energy Minister Miriam Dalli said.

The Smart and Sustainable Scheme provides financial assistance to businesses undertaking investments for more sustainable processes and operations.

Businesses can now benefit from up to a €100,000 grant, which can be extended by another €40,000 in tax credits.

The doubling of the scheme was announced by Dalli on Friday during a visit to the manufacturing company OLI Vibra Ltd, in Ħal Far.

OLI Vibra is one company that has benefitted from the grant.

Through the grant, the company is investing in more efficient and sustainable machinery that will reduce its processes by more than 40% cutting energy consumption by 60%.

“That means it is reducing 7,500 kilogrammes of carbon dioxide emissions every year,” Dalli said.

Energy and Environment Minister Miriam Dalli on Friday. Photo: Matthew Mirabelli

Dalli said such schemes are incentives for businesses to become more competitive in their field and tackle environmental challenges.

“Every euro we invest is aiding the country and community - businesses become more sustainable, we work towards a better environment and less is spent on energy.”

Malta Enterprise CEO Kurt Farrugia said a number of businesses have already benefitted from the scheme, and more will benefit from the extended and improved grant.

He said the tax credit element can represent an additional 10 - 20% of the project amount, to a maximum of €40,000.

Farrugia said the scheme is applicable for companies set up in the past three years if they are certified by an independent energy audit or if the project includes investment in Gozo.

He explained that the scheme provides financial assistance to businesses that run projects that make their operations more sustainable.

This includes the reduction of waste generated during and after production, the use of sustainable material, a focus on water and electricity efficiency, and the adoption of technologies that lead to more environmentally efficient operations.  

More information about the Smart and Sustainable Investment Grant is available here.