Cash incentive for reducing greenhouse emissions

An amount of €5m has been allocated by the government to help businesses reduce their carbon footprint.

The support measure aims at encouraging businesses to reduce greenhouse emissions and was given the green light by the Commissioner of state aid, Stella Michaelidou at the end of last month.

The funding for this initiative will come from the EU’s Recovery and Resilience Facility for 2022-2026. Large as well as small to medium-sized enterprises will be eligible for this funding, which will be administered by the ministry of agriculture.

The maximum amount of financial support that can be granted to a large business would be up to 60 per cent of eligible costs, which cannot exceed €18,500, to medium-sized businesses up to 70 per cent of eligible costs, not exceeding €15,500, and to small businesses up to 80 per cent, not exceeding €11,500.