Malta’s green scheme
26 November 2020
Prime Minister Boris Johnson announced his ambitious ten-point plan for a ‘green industrial revolution’ last week, covering clean energy, transport, nature and innovative technologies.
The aim is to create and support jobs while making strides towards becoming a net zero nation in terms of carbon emissions by 2050.
These are laudable objectives. And this site frequently includes items about new green products that manufacturers are devising.
However, I speak to many hirers who wonder about the cost implications of buying new low or no-emission equipment for their fleets, especially larger plant, and the impact on the residual value of their current machines.
Other countries are obviously in a similar position and, interestingly, I recently came across details of a scheme being introduced in Malta from 1 December.
The new Malta Enterprise scheme, devised by the Malta Developers Association (MDA), is offering cash grants of up to €200,000 (£180,000) covering up to 40% of the cost of eco-friendly heavy equipment or heavy machinery. This is to replace - and scrap - construction plant manufactured before 2015.
An additional grant of up to 20% is available if the machinery is battery powered, or 10% of it has a hybrid engine. Those eligible to apply include contractors and equipment hirers.
The new machines must be retained and maintained in operational condition for three years. The scheme has a budget of €4 million (£3.5 million).
The MDA represents real estate developers, estate agents and other interested parties to promote responsible development.
Should a similar scheme be adopted here?