The Climate Enterprise Action Fund has launched in Ireland with an initial allocation of €10million.

The fund, which will be administered by Enterprise Ireland, will help businesses take action to drive down their emissions and embed sustainability in how they work.

AnTánaiste Leo Varadkar T.D.said: "The road to recovery after the pandemic must be a sustainable one. We must break the link between economic prosperity and fossil fuels and fully embrace the transition to a low-carbon economy. The enterprise sector accounts for just over 13% of the economy’s total emissions so all businesses will have a part to play in achieving the 7% per year, on average, emissions reduction that the Government has committed to over the next decade.

"With our new Climate law, Ireland is now one of the most ambitious countries in the world on climate. I think this presents significant opportunities for Irish businesses, whether that be in the huge expansion of entire industries, such as retrofitting or offshore wind, by becoming an electricity exporter, or new jobs in cleantech. Those that act first, will see the greatest reward.

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"This fund is about helping companies, no matter where they are on their journey towards sustainability, to put a plan in place. We hope these companies become exemplars of best practice in their respective fields, so that others can learn from their experience and see what works. Some of this Fund will also be channeled into high impact feasibility projects, to explore new ways of working which could ultimately have a really significant impact across Irish enterprise as a whole."

The new fund will:

• Fund up to 850 companies at an early stage of exploring climate and sustainability to develop a high-level company action plan, which will enable them to measure their carbon footprint and identify projects leading to reduced emissions and greater resource efficiency (e.g. energy, water, materials). The plan will assess the company’s operations, supply chain, market opportunities and challenges through a climate and sustainability lens.

• Fund up to 100 more advanced companies to develop comprehensive multi-annual business plans with climate change and sustainability actions integrated into the company’s overall strategy.

• The Fund will also support a small number of public/private partnerships working on high-impact feasibility projects that will enhance climate change and sustainability capabilities across Irish enterprise.