The Malta Chamber proposed that support measures to help businesses carry out investment in energy efficiency, ought to be given in grant form rather than as tax credits, as is the current practice.
The proposal was made by the the Energy and Environment Committee within the Malta Chamber as part of a consultation process currently underway for the ‘2030 National Energy and Climate Plan’.
In a letter signed by Energy and Environment Committee Chair Perit David Xuereb, the Chamber argued that tax credits were no longer an attractive instrument to drive private sector investment, especially in areas such as energy efficiency, where the return on investment tends to exceed a medium-term period of three to five years.
The letter addressed to the Energy & Water Agency, clarified “the Malta Chamber firmly believes that in order to have more notable and effective take-up of support schemes for energy efficiency investment projects in the private sector, support measures and/or incentives must be given in grant form.”
“Increased investment in energy efficiency by the private sector has played, and will continue to play, a vital role in the attainment of the national energy efficiency and other climate-related targets so it is of primary importance that the private sector is offered support measures that are attractive and in line with their present and future needs” the Chamber’s Energy and Environment Committee Chair concluded.