Singapore, 6 November 2008 - The National Environment Agency (NEA) today announced a new incentive scheme to help companies defray the cost of purchasing energy efficient technologies and equipment. This will help companies to improve on the Return On Investment (ROI) on their energy efficient projects.

Known as Grant for Energy Efficient Technologies (GREET), a $22 million fund has been earmarked to help companies achieve energy savings in the next five years. It will co-fund up to 50% of the qualifying costs of energy efficient equipment or technologies, or up to $2 million per project, whichever is lower.

The NEA will set aside a portion of the fund for the Small and Medium Enterprises (SMEs), as a deliberate move to help local companies achieve cost savings and better energy productivity amid the current economic conditions. It will work with the Association of Small and Medium Enterprises and SPRING to facilitate the application process for SMEs, and encourage them to apply for funding under the scheme.

”Businesses often perceive the adoption of energy efficient technologies to be expensive and even risky. The GREET scheme will help address this concern and help the companies enjoy energy savings. Our objective is to improve the take-up rate for energy-efficient equipment or technologies in the industry sector, which currently accounts for 43% of the electricity consumption in Singapore,” said Mr Lee Yuen Hee, Chief Executive Officer of NEA and Chairman of Energy Efficiency Programme Office.

This is the latest scheme introduced by the NEA under the Energy Efficiency Programme Office (E²PO), and forms part of the $50 million Sustainable Energy Fund (SEF) that has been set aside to promote energy efficiency in Singapore.

Companies that wish to apply for GREET funding can go to www.e2singapore.gov.sg/greet.html for details on the scheme and the application form.

Initiatives under E2PO

Several initiatives targeting the households and businesses have been introduced since the formation of E²PO in May 2007. They include the 10% Energy Challenge where households are encouraged to reduce about 10% of their household energy consumption in five years. The Clean Development Mechanism (CDM) Grant, which was announced in August 08, funds up to half the cost of engaging carbon consultancy services to develop the documentation needed for CDM projects under the Kyoto Protocol. In September 2008, the NEA launched the Singapore Certified Energy Manager (SCEM) Training Grant aimed to help develop local expertise and capability in professional energy management.

About National Environment Agency:

Formed on 1 July 2002, the National Environment Agency (NEA) is the leading public organization responsible for improving and sustaining a clean and green environment in Singapore. The NEA develops and spearheads environmental initiatives and programmes through its partnership with the People, Public and Private sectors. It is committed to motivating every individual to take up environmental ownership and to care for the environment as a way of life.

By protecting Singapore's resources from pollution, maintaining a high level of public health and providing timely meteorological information, the NEA endeavours to ensure sustainable development and a quality living environment for present and future generations.