On Thursday, the National Environment Agency (NEA) announced a $22 million fund to help firms defray the cost of buying green technology and equipment.

Officials said only a handful have embraced energy-efficiency, in large part because the intitial investment can reach into millions of dollars. The new fund is designed to change that, said Dr Amy Khor, Senior Parliamentary Secretary for the Ministry of Environment and Water Resources.

Up to 50 per cent of a company's spending will be subsidised, up to a maximum of $2 million, whichever is lower. Firms, who must submit a proposal, can used the money for installing new energy efficient equipment like air-conditioning systems.

An unspecified portion will be set aside for small and medium enterprises, which make up the bulk of companies here, said the NEA.

'If take up is good and the fund runs out, we'll be more than happy to expand the project,' said Dr Kor, speaking during an investors forum yesterday.

Read the full story in Friday's edition of The Straits Times.