Malta
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SMEs to receive financial aid for ESG reporting

Small and medium sized businesses will be receiving financial assistance to cover advisory services to support them in ESG reporting.

The new ESG Grant by Malta Enterprise will also help them enhance their sustainability.

The scheme was announced by Environment Minister Miriam Dalli and Malta Enterprise CEO Kurt Farrugia.

The grant will provide up to €5,000 over three years to small and midsize enterprises (SMEs) for advisory services to support them in ESG reporting. The list of businesses that are eligible for this scheme is wide-ranging, from smaller enterprises that employ up to five full-time employees to medium-sized companies employing up to 250 full timers, or their equivalent.

Minister Dalli noted that this new grant is implementing another of the government’s electoral pledges, as well as an important Budget 2023 measure, reaffirming the government’s commitment to transition the economy towards climate neutrality by 2050.

“Since we first introduced the concept of ESG reporting in Malta, we always believed that this would help enterprises and our communities in becoming more efficient, decarbonised, sustainable and socially just. 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,” Dalli said.

“Within a short time, businesses that are already reporting their results through the ESG Portal registered an eight percent decrease in their carbon dioxide emissions and generated nine percent less waste. They also reported an increase of seven percent of women in managerial roles, and 13 percent more independent directors on boards,” she added.

Malta Enterprise CEO Kurt Farrugia said the new scheme will instigate more environmental consciousness among businesses while pushing for proper internal structures of management and more representative workplaces, where employees are valued for their contributions.

Beneficiary 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.

Companies can visit maltaenterprise.com or contact Business First on 144.