Enterprise Ireland approves over €55 million in funding to drive decarbonisation in Irish businesses
Enterprise Ireland (EI) has approved over €55 million in funding to support the decarbonisation of Irish businesses. Approved under the Environmental Aid scheme and EI’s Green Transition Fund, the funding has benefited more than 400 Irish companies since June 2022, reducing CO2 emissions by an estimated 130,000 tonnes. The Department of Enterprise, Trade and Employment also allocated a further €300 million in June this year under the Environmental Aid scheme to support EI’s broader commitment to advancing sustainable growth among Irish companies.
These figures were announced as more than 500 industry leaders, policymakers, and sustainability experts attended Enterprise Ireland’s inaugural Sustainable Enterprise Summit on 5th November, in the Dublin Royal Convention Centre in Dublin 8.
Ireland’s commitment to reaching net-zero greenhouse gas emissions by 2050, and a 51% reduction by 2030, requires decisive action within the enterprise sector, with a 35% reduction in on-site industrial emissions required by 2030.
EI client companies that qualify as large industrial emitters (those regulated by the EU Emissions Trading System – “EU ETS”) have already made significant reductions, with support from this funding. Since 2021, these companies have reduced emissions by 13%, which indicates good progress towards the 2030 target.
The inaugural Sustainable Enterprise Summit marks a significant step forward in supporting Irish businesses to meet national climate targets and transition to a sustainable future. The summit spotlighted how Irish companies can integrate sustainability into their core strategies, thereby enhancing competitiveness while addressing the global demand for greener, climate-resilient products and services.
Jenny Melia, Executive Director of Enterprise Ireland, said: “With over €55 million in funding approved to date, we are enabling businesses of all sizes to reduce their carbon footprint, harness cost savings, and position themselves at the forefront of the low-carbon economy. We’ve made significant strides in helping companies adopt more sustainable practices, but as we look toward our ambitious 2030 and 2050 targets, we recognise there is more to do. Enterprise Ireland will continue to strengthen its support for businesses on this journey over the coming years, enabling companies to turn sustainability from a challenge into a competitive advantage.”
Minister of Trade Promotion, Digital & Company Regulation, Dara Calleary TD highlighted his Department’s ongoing commitment to supporting businesses on their decarbonisation journey: “Decarbonisation is no longer optional; it’s essential for resilience in today’s competitive landscape. By supporting businesses in their transition, we’re ensuring that Irish companies not only meet climate targets but also thrive in a decarbonising world.”
The Sustainable Enterprise Summit highlighted success stories from Irish companies who have leveraged sustainability as a growth opportunity and offered practical insights and support mechanisms to aid businesses in their journey toward a sustainable, competitive future.
Attendees had the opportunity to hear from industry leaders as well as a several Irish companies, ranging from start-ups to SMEs and multinationals, with contributions from leading Irish companies including Diageo, Dairygold, Techrete, Aerogen, Watershed, Portwest, Version1, and Carbery.
