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£20 Million Fund Launched to Boost Energy Efficiency in Businesses

by Krystal

Invest NI has unveiled a new £20 million fund aimed at assisting businesses in purchasing and installing energy-efficient equipment.

The Energy Efficiency Capital Grant (EECG) initiative, introduced by Invest NI, will provide grants of up to £150,000 to support investments in various areas, including lighting, heating and cooling systems, motors and drives, compressed air systems, and onsite renewable energy generation.

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Scheduled to operate over a five-year period, the program aligns with Stormont’s strategy to curtail energy consumption and carbon emissions by 2030.

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Economy Minister Conor Murphy’s absence due to medical advice did not hinder the launch of the scheme, which took place in Co Armagh on Wednesday. Instead, the event was overseen by Ian Snowden, the permanent secretary at the economy department, who emphasized the scheme’s significance in advancing the region’s transition to a greener economy.

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According to Snowden, the EECG scheme marks a significant milestone in achieving the vision of a more environmentally sustainable and economically prosperous future. He highlighted the grant’s role in enabling companies to invest in technologies that reduce energy consumption and carbon emissions, thereby lowering costs and contributing to the journey towards net zero.

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Snowden emphasized the EECG scheme’s pivotal role in fulfilling the energy strategy’s objective of achieving a 25% reduction in energy consumption from buildings and industry in Northern Ireland by 2030. He underscored the collaborative effort between the government and businesses in promoting prosperity while simultaneously reducing carbon emissions.

Kieran Donoghue, Invest NI’s new chief executive, also expressed support for the EECG program, emphasizing its importance in encouraging businesses across various sectors to adopt energy-efficient measures. Donoghue highlighted the program’s potential to reduce operational costs and contribute significantly to the collective effort towards a net-zero future.

He emphasized the broad eligibility of the grant, which extends to businesses in sectors ranging from retail to advanced manufacturing to hospitality. Donoghue stressed the importance of using energy more efficiently to reduce carbon emissions and lower energy bills, thereby safeguarding the environment and fostering a resilient and prosperous economy for future generations.

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