“It is a known fact that investing in green infrastructure is costly, however by means of European funds this government will be providing assistance so that there is a collective effort towards a greener society.”
This was stated by Parliamentary Secretary for European Funds Stefan Zrinzo Azzopardi while he presided over the signing of an agreement between the European Investment Bank, the European Investment Fund, APS and BOV to launch these schemes. Present for the signing were representatives from various associations representing employers, industry, tourism as well as small and medium enterprises.
These schemes are being funded through the European Regional Development Fund with €15 million allocated which are expected to generate €60 million in loans for both households and enterprises. The focus of these investments is to promote energy efficiency in buildings as well as investment in renewable energy. These loans are to be provided by the selected commercial banks. The benefit provided by European funds will be in the form of reduced collateral requirements and lower interest rates. Moreover, European funds will also be assisting such investments further through a grant element subsidising the first three years of interest of the loans taken.
The parliamentary secretary held that in the long run investing in energy saving measures will result in the reduction of other costs, including electricity bills for families and enterprises alike. He explained that this includes the double glazing of doors and windows for better insulation, air conditioning ventilation systems and any building and energy management systems, as well as integrated renewable energy investments.
Stefan Zrinzo Azzopardi concluded by saying that, “Malta has the lowest emissions per capita in the European Union but this also means that we have limited emissions reduction potential. Nonetheless this will not discourage government from moving ahead to reach its objectives, ensuring the provision of all the necessary incentives to enable a collective effort to continue to reduce emissions. This initiative is proof of this joint effort, with the government, businesses, individuals and banks all collaborating to help Malta become more environmentally sustainable. It is through these initiatives that we can reach the ambitious goal set by the Prime Minister Robert Abela to achieve carbon neutrality by 2050.”
