Looking for additional funding for your used device business? Today, we present a comprehensive guide to the grants, loans, and other financial options available in Ireland to support your sustainability journey. For more information about what constitutes a green business and what is required for applying to green initiatives, read our other article on funding options in the UK market. There, we dive deep into the main characteristics of ESG investing and explain how to prepare to apply for a grant.
Green Grants in Ireland
We have collected the list of green grants Ireland provides to companies operating on its territory. These grants support businesses that improve environmental management capabilities, reduce energy waste, and implement the most energy-efficient practices.
Local Enterprise Office Grants
Benefit from the holistic support offered by the Local Enterprise Office, with their Energy Efficiency Grant providing potential funding of up to €5,000 to mitigate energy waste and environmental impact. The program's primary purpose is to develop sustainability awareness while increasing business agility.
Green Transition Fund Grants
Administered by Enterprise Ireland as part of Ireland's National Recovery and Resilience Plan, the Green Transition Fund supports sustainable initiatives and future environmental improvement projects. It helps small Irish businesses reach energy efficiency goals, lower their carbon emissions, and achieve cost and resource reduction. In addition, the Green Transition Fund supports bigger businesses in scaling their sustainable journey.
The fund's priorities are decarbonization, energy efficiency tracking systems, and innovative sustainable projects. Noteworthy among the Green Transition Fund Grants are:
- GreenStart. The initiative supports companies implementing environmental best practice systems, with grants reaching up to €5,000. An external consultant will provide practical advice to help develop a decarbonization strategy and action plan.
- GreenPlus. Offering grants of up to €50,000, covering half of the project costs up to €100,000, GreenPlus facilitates companies' preparation for a sustainable future. Funding support can be utilized for hiring external environmental experts, employee education, and the implementation of best sustainability practices.
- Capital investment for decarbonization processes. The manufacturing companies aimed at carbon footprint reduction may receive up to €1 million, with a minimum grant size of €20,000! You can use the funding to accelerate your progress towards net-zero carbon emissions.
Disruptive Technologies Innovation Fund Grants
Established under Project Ireland 2040, the Disruptive Technologies Innovation Fund champions innovative startups developing new sustainable technologies. Since its inception in 2018, this fund has disbursed over €371 million across 104 projects.
Green Loans in Ireland
Apart from grants, search for loans that banks provide to sustainable businesses. There are multiple options; contact your bank, as they probably have the same programs supporting green initiatives. For example, the Bank of Ireland, Finance Ireland, AIB, and SVCI provide eco-friendly loans for businesses.
Other Green Funding in Ireland
What other options can you use to fund your green business, contribute to the circular economy, and deliver cost savings? Explore the following governmental and non-governmental initiatives aimed at a resource efficient economy:
Accelerated Capital Allowance
This tax incentive scheme supports green businesses by helping them meet energy efficiency goals. The program allows a company that pays corporation tax or income tax in Ireland to deduct the cost of energy-efficient electrical and electronic equipment from their profits in the year of purchase.
Climate Action Voucher
The program offers up to two days of training to develop an initial sustainability action plan and includes practical advice. If you are just starting your sustainable journey, this voucher might help you to reduce greenhouse gas emissions and achieve improved sustainability.
SME Energy Audit
Small and medium-sized enterprises (SMEs) can leverage a €2,000 voucher toward the cost of a professional energy audit from a sustainable energy authority. This initiative supports energy efficiency practices while delivering cost savings. After the audit, you will be able to cut spending and reduce carbon emissions.
Energy Contracting
Energy contracting is a win-win situation when a business or organization partners with an energy services company (ESCO) to make energy-saving improvements without paying upfront. The ESCO covers the initial costs and is paid back over time from the savings generated by the upgrades. This helps businesses save money on energy bills and reduce their carbon footprint.
ESG Investing
Angel investors or venture funds more often choose ESG investing. In this abbreviation, ESG stands for Environmental, Social, and Governance, referring to a company's operations in these areas.
A company's environmental impact involves how it affects nature, like using resources, managing waste, emitting carbon, and fighting climate change. By using sustainable practices, companies can reduce their environmental impact as they aim to become carbon neutral.
Before investing, the organization evaluates the mentioned factors and decides whether the company's activity is worth investing in.
Conclusion
Overall, there are lots of green funding options suitable for different business models. The sustainable programs help introduce environmental awareness and create a better future for us and the planet.
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