€55m to help Irish businesses switch from using fossil fuels

The Government will make 55 million euros available to companies to help them abandon the use of fossil fuels.

The new Green Transition Fund, to be launched later, will be made up of two parts.

The Climate Planning Fund for Companies, valued at €25 million, will provide companies with financing to help them plan how they can reduce their dependence on fossil fuels.

A grant of €1,800 will be awarded for the development of the plan, while up to €50,000 will be awarded to help with capacity building within a company.

The second part, worth 30 million euros, will be the Investment Fund for the Reduction of Business Emissions.

It will give manufacturing companies that are customers of Enterprise Ireland, Údarás na Gaeltachta and IDA Ireland between €20,000 and €1 million to invest in decarbonisation technologies.

Between €5,000 and €50,000 will be available to businesses to help with smart metering and energy control.

Grants of up to €250,000 will also be available for research and development from IDA client companies.

The funding was officially launched by Tánaiste and the Minister for Enterprise, Trade and Employment Leo Varadkar and the Minister of State for Land Use and Biodiversity, Senator Pippa Hackett.

The funding will be officially launched by Tánaiste Leo Varadkar (Image: Rollingnews.ie)

“Putin’s war against Ukraine has highlighted the vulnerability of becoming too dependent on finite resources controlled by other states,” Varadkar said.

“We need to help Irish businesses prepare now for a future where economic growth and fossil fuels are not intertwined. This Fund is an important help.”

The programme, which will run for five years, is part of the EU-funded National Recovery and Resilience Plan.

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