Editorial: A positive shift

Last Updated on Thursday, 5 August, 2021 at 12:17 pm by Andre Camilleri

When the political situation of a country is continuously in the media and in turmoil, it’s very easy to overlook the excellent work of some individuals who are genuinely working with good intentions for the better of the nation.

In recent months, a number of initiatives have been launched by Minister for Energy, Enterprise and Sustainable Development Miriam Dalli to support enterprises to invest in sustainable and energy-efficient operations. It’s increasingly evident that the synergy between the government and private entities will help our country continue implementing change favouring sustainability.

One of the main recent initiatives refers to the scheme managed by EWA, where companies may receive up to €5,000 for an energy audit. This auditing will benefit the companies, allowing them to make efficient use of energy and consume less. Through this auditing, companies will also be guided on how to benefit from current schemes offered by different entities.

In a second scheme managed by Malta Enterprise, €15 million are allocated to help small and medium enterprises with energy efficiency projects (Investment Aid for Energy Efficiency Projects). This scheme directly finances investment in machinery and modern operations and can cover between 40% and 50% in eligible value.

Energy auditors will also prepare a sustainability report, providing companies with the visibility of the three main sustainability pillars: environment, social, and governance. This report will give a clear picture of what type of investment is best to carry out the company, in order to avoid investment by a crisis. This allows the company to plan ahead. Local banks are also working and sharing the government’s vision to sustain sustainable investment through the launch of the so-called green loans. In fact, two local banks have unlocked €54 million in loans for this aim.

Last month Minister Dalli launched several other initiatives for businesses in a bid to strengthen the economic activity of businesses in Malta and Gozo. The schemes announced together with the Malta Enterprise continue to build on the support and incentives announced a few months ago. A total of €20 million are being allocated to this sector.

Through the restart incentive scheme, businesses will be able to avail themselves of a number of benefits. The scheme will support advisory costs of up to €5,000. This could be extended to €10,000 to support the implementation phase of the new business initiative. In addition, entrepreneurs will be offered the possibility to engage professional business advisory.

And it’s not all just funds; the Cabinet has given its go-ahead for the much needed second Malta-Sicily interconnector, as pushed by Minister Dalli. The 200-megawatt cable will cost around €170 million. It will run parallel to the existing interconnector that links Malta with Ragusa. The project is expected to be completed in 2025. So, while not ignoring the negative in any scenario, let’s also remember to look at the positives changes, which are much needed and driven by those with the people’s needs at their core.

- Advertisement -