"To be resilient to fluctuations in energy prices and reduce environmental pollution, we need to invest more in the green economy. We want to help Lithuanian industry to reduce energy consumption and move towards renewable sources. This will modernise the country's businesses and contribute to strengthening Lithuania's energy independence," said Aušrinė Armonaitė, Minister for the Economy and Innovation.
Funding for the introduction of energy-efficient production technologies comes from the Modernisation Fund. It is available to manufacturing companies participating in the Emissions Trading Allowance Scheme.
Up to 30% of the costs for large industrial companies are financed, with a 10 percentage point increase for smaller companies.
"We have already allocated €10 million from the Modernisation Fund for the implementation of renewable energies and €11.15 million for increasing energy efficiency. These investments will enable Lithuania to become a climate-neutral economy and society more quickly," said Ieva Valeškaitė, Deputy Minister for the Economy and Innovation.
Applications for additional funding for the implementation of energy-efficient production technologies will be accepted and managed by the Environmental Project Management Agency until 27 November 2023.
The Ministry of the Economy and Innovation plans to launch nearly €1 billion of calls by the end of 2023 to strengthen the Lithuanian economy. Of this, €268 million is foreseen for greening the economy. The majority of this money, around €170 million, is allocated to a wide range of investment projects focusing on renewable resources, to move away from fossil fuels and to improve the efficiency of small, medium-sized and large enterprises.
The Modernisation Fund is the European Union programme to accelerate the achievement of climate change targets by financing energy efficiency and renewable energy projects. It is a key part of the European Green Deal investment plan.
