‘What worked in the last three decades will not work in the next’ – Project Green CEO

Project Green CEO Steve Ellul on Wednesday highlighted how greater investment capital has to be shifted towards sustainable projects in order for Malta to complete the move to net zero emissions.

“Nothing short of €24 billion is presently held in Maltese deposit accounts,” he said, before explaining that it is “twice the amount” needed for Malta’s economy to transition towards net zero.

“Now more than ever we need to create the financial plumbing to direct this investment capital towards smart and sustainable projects rather than conventional ones,” he explained.

Mr Ellul concluded by stating that “what worked in the last three decades will not work in the next”.

Project Green is a Government agency that was founded last January and is tasked with creating, maintaining, and invigorating the Maltese Islands’ parks, gardens, and other green infrastructure to ensure “healthier, happier lifestyles and a more sustainable environment”.

The agency recently launched the Community Greening Grant, a €10 million grant scheme that provides communities in Malta and Gozo with the opportunity to create and enrich green spaces in their localities. Through the scheme, local councils, NGOs, schools, and other organisations will receive financial assistance to create greener spaces in their respective communities. Applications closed at the end of February.

Since Project Green’s launch, the agency has worked to create new open spaces while also regenerating existing ones, as seen through the completion of the Dog Park in Ta’ Qali, and the opening of a new open space in Bengħajsa Family Park in Birżebbuġa.

Aside from his role at Project Green, Mr Ellul is a Visiting Lecturer at University of Malta, lecturing on principles of finance. He previously worked as Policy Advisor at Ministry for the Environment, Energy and Enterprise for two years, and also had an extensive career at Bank of Valletta plc, during which time he was Portfolio Manager and was also Head of Asset Management at its asset management subsidiary.

Social image: Bengħajsa Family Park in Birżebbuġa / Project Green