SINGAPORE - Businesses are getting extra help to bolster their energy efficiency as the world transitions to a lower carbon economy.

At the opening of this year's Singapore International Energy Week on Tuesday (Oct 30), Minister for Trade and Industry Chan Chun Sing unveiled new and increased grants to co-fund energy efficiency projects.

The Energy Market Authority (EMA) and Singapore's Economic Development Board (EDB) are rolling out separate grants for projects that can each trim at least 500,000 tonnes per annum of carbon emissions.

The EMA will co-fund up to 50 per cent the qualifying cost of a project involving a combined-cycle gas turbine operating in Singapore.

The EDB has introduced a new scheme and upped its co-funding for energy efficiency projects in the industrial sector to 50 per cent, up from 30 per cent previously. The agency has co-funded 32 projects that resulted in about 158.7 kilo tonnes of carbon abatement annually under a previous scheme. New projects seeking EDB co-funding must likewise be carried out of Singapore.

The National Environment Agency (NEA) is separately raising the co-funding for businesses investing in energy efficient technologies to 50 per cent, up from 30 per cent.

The NEA's co-funding is targeted at small to medium enterprises with annual sales turnover of not more than $500 million.

Companies can apply for the enhanced EDB and NEA grants from Jan 1, 2019, onwards. Applications for the EMA's co-funding will close on April 1, 2019.