A new ESG Grant by Malta Enterprise will support small and medium sized enterprises acquire the necessary advisory services to enhance their sustainability.
This new government scheme was announced by Minister for the Environment, Energy and Enterprise Miriam Dalli and Malta Enterprise CEO Kurt Farrugia.
The grant will provide up to €5,000 over three years to small and midsize enterprises (SMEs) for advisory services to support them in ESG reporting. The list of businesses that are eligible for this scheme is wide-ranging, from smaller enterprises that employ up to five full-time employees to medium-sized companies employing up to 250 full timers, or their equivalent.
Minister Miriam Dalli noted that this new grant is implementing another of the government's forward-looking electoral pledges, as well as an important Budget 2023 measure, reaffirming the government's commitment to transition the economy towards climate neutrality by 2050.
“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. 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," Minister Miriam Dalli said.
“Within a short time, businesses that are already reporting their results through the ESG Portal registered an eight percent decrease in their carbon dioxide emissions and generated nine percent less waste. They also reported an increase of seven percent of women in managerial roles, and 13 percent more independent directors on boards," the Minister added.
Malta Enterprise CEO Kurt Farrugia stated that, “As Malta Enterprise, our mission has always been to assist companies in developing their business as we navigate changing market trends and economic developments. 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. This measure will instigate more environmental consciousness amongst our businesses while 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% 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, with an additional €1,000 cash grant available in both Year 2 and Year 3.
Malta Enterprise seeks to integrate sustainable practices in its support and investment programmes. In fact, the recently revamped Skills Development Scheme also includes new provisions to help enterprises provide ESG training to employees.
Companies interested in finding out more about this scheme and other Malta Enterprise initiatives can visit maltaenterprise.com or contact Business First on 144.