New ESG grant to make businesses more environmentally conscious – Malta Enterprise CEO

CEO Kurt Farrugia on Wednesday highlighted that Malta Enterprise’s new ESG grant scheme will instigate more environmental consciousness within businesses and help them operate more sustainably.

This comes after ME launched a new grant tailored for SMEs, helping them acquire the necessary advisory services to enhance their sustainability. The grant will provide them with up to €5,000 over three years to support them in their ESG reporting. The list of eligible businesses ranges from smaller enterprises with up to five full-time employees, to medium-sized companies employing up to 250 full-timers.

The scheme was announced by Minister for the Environment, Energy and Enterprise Miriam Dalli, together with Mr Farrugia.

“As Malta Enterprise, our mission has always been to assist companies in developing their business as we navigate changing market trends and economic developments,” Mr Farrugia said.

“In recent years, Malta Enterprise has continuously understood the rising need for sustainability efforts within the business community and has taken action to incorporate this requirement in the diverse schemes it offers,” he added.

He remarked that this measure will “instigate more environmental consciousness amongst businesses” while also pushing for “proper internal structures of management and more representative workplaces, where employees are valued for their contributions”.

Through the new scheme, beneficiary companies will be eligible for a cash grant of €3,000, capped at 75 per cent of the costs associated with engaging an Advisor to assist with ESG reporting. They will also have the option to receive additional aid in the subsequent two years through an additional €1,000 cash grant available each year.

“Since we first introduced the concept of ESG reporting in Malta, we always believed that this would help enterprises and our communities in becoming more efficient, decarbonised, sustainable, and socially just,” Minister Dalli said.

“Through initiatives like these, every enterprise, regardless of its size, has access to the necessary resources needed to continue advancing toward a sustainable economy, attracting investments, and expanding its operations,” she continued.

She explained that “within a short time”, businesses that are already reporting their results through the ESG Portal have registered an eight per cent decrease in their carbon dioxide emissions and generated nine per cent less waste. “They also reported an increase of seven per cent of women in managerial roles, and 13 per cent more Independent Directors on Boards,” Minister Dalli concluded.