€55m fund announced to help businesses transition from fossil fuels

The Green Transition Fund will have two elements, the Climate Planning Fund for Business and the Enterprise Emissions Reduction Investment Fund for the manufacturing industry

'Putin’s war on Ukraine has highlighted the vulnerability of becoming too reliant on finite resources controlled by other states,' said Tanáiste Leo Varadkar.

The Government has announced €55m in funding to entice businesses to move away from fossil fuels.

The Green Transition Fund is part of the State’s National Recovery and Resilience Plan (NRRP), which is funded by the European Union.

The fund will have two elements, the Climate Planning Fund for Business and the Enterprise Emissions Reduction Investment Fund.

The Climate Planning Fund will offer grants of €1,800 to help businesses come up with personalised plans to remove their company’s reliance on fossil fuels.

Up to €50,000 in matched funding will also be offered to go towards specific capacity building within an enterprise.

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Meanwhile, the Enterprise Emissions Reduction Investment Fund will invest in eco-friendly practices for the manufacturing industry.

Manufacturing businesses will be able to apply for funding to invest in carbon neutral heating processes, smart metering and energy monitoring, and research and development.

Up to €1m is available and both programmes will run over the next five years.

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

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

Minister of State for Land Use and Biodiversity, Senator Pippa Hackett, added: “We will only achieve our climate targets with an all-of-Government, all-of-society approach, and the business sector has a vital role to play in our transition to a low-carbon economy.

“Employees, customers, funders, and shareholders alike are demanding more from businesses when it comes to their environmental credentials.

“As businesses continue their recovery from the pandemic, this €55 million Green Transition Fund is a great example of how Government funding can be used to help enterprise to move away from pre-Covid, business as usual models, to models that deliver for the environment.” 

Interested companies can apply here.