Businesses are getting extra help to bolster energy efficiency as the world transitions to a lower carbon economy.
The Energy Market Authority (EMA) and the Economic Development Board (EDB) are rolling out separate grants for projects that can each trim at least 500,000 tonnes a year of carbon emissions.
The EMA will co-fund up to 50 per cent of the qualifying cost of a project involving a combined-cycle gas turbine operating in Singapore.
As well as a new scheme, the EDB has raised its co-funding for energy efficiency projects in the industrial sector from 30 per cent to 50 per cent. It has co-funded 32 projects under a previous scheme which resulted in about 158.7 kilotonnes of carbon abatement annually. New projects seeking EDB co-funding must also be carried out in Singapore.
The National Environment Agency (NEA) is separately raising the co-funding for businesses investing in energy efficient technologies from 30 per cent to 50 per cent. Its co-funding is targeted at small to medium-sized enterprises with annual turnover of up to $500 million.
The new and enhanced grants were outlined by Trade and Industry Minister Chan Chun Sing at the opening of the Singapore International Energy Week yesterday.
The EMA will co-fund up to this percentage of the qualifying cost of a project involving a combined-cycle gas turbine operating here.
Companies can apply for the grants from Jan 1. Applications for the EMA's co-funding will close on April 1 next year.