Cyprus Allocates €5 Million to Companies for Greenhouse Gas Emission Reduction

The government of the Republic of Cyprus has earmarked €5 million to incentivize businesses to reduce carbon dioxide emissions. This support measure received approval from the Commissioner for State Aid, Stella Michaelidou, in late December.

The funding for this initiative will be sourced from the EU Recovery and Resilience Fund for 2022-2026, with financial flow administration managed by the Ministry of Agriculture.

Both large companies and representatives of small and medium-sized enterprises (SMEs) can benefit from this support. The maximum amount of financial assistance that can be provided to large businesses is up to 60% of eligible expenses, not exceeding €18,500. For medium-sized businesses, it is up to 70% of eligible expenses, capped at €15,500, and for small businesses, up to 80%, but not exceeding €11,500.