Malta Enterprise announced the introduction of a new Environment, Social and Corporate Governance (ESG) Grant on 5 September to assist small and medium sized enterprises (SMEs) in reporting and assessing their ESG impact.
Eligible SMEs – from smaller enterprises that employ up to five full-time employees to medium-sized companies employing up to 250 full-time employees, or their equivalent – can receive up to €5,000 over three years to engage the services of an approved ESG advisor to help them in carrying out an assessment of their ESG performance.
Qualifying 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 an additional €1,000 cash grant in the subsequent two years.
Minister for the Environment, Energy and Enterprise Miriam Dalli said the new grant implemented a Budget 2023 measure and reaffirmed the government’s commitment to transition the economy towards climate neutrality by 2050.
“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,” said Dalli.
“Within a short time, businesses that are already reporting their results through the ESG Portal registered an 8% decrease in their carbon dioxide emissions and generated 9% less waste. They also reported an increase of 7% of women in managerial roles, and 13% more independent directors on boards.”
Malta Enterprise seeks to integrate sustainable practices in its support and investment programmes. Malta Enterprise CEO Kurt Farrugia said: “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.”
Malta Enterprise will be accepting applications until 31 October 2023. All applications are to be submitted through the Corporations Client Portal. First time users will be required to create an account and register their business.