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Friday 9^th March 2018, Malta –  At an event held this morning at The Exchange Buildings in Valletta, business representative entity The Malta Business Bureau indicated that the business sector needs to invest 30-64 million euros to meet the 2020 renewable and energy efficiency targets. The figure emerged from a report launched this morning as part of the Investing in Energy Project and reflects only the business relevant cost of meeting the 2020 targets.

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Opening the event, Mr Frank V. Farrugia, President of The Malta Chamber of Commerce, Enterprise and Industry, explained “The 2020 EU targets for both renewable energy and energy efficiency, and the even more ambitious indicated 2030 targets, will create business opportunities for business operators. We believe that there are considerable opportunities for business involvement in energy, and that a favourable policy environment can be of strategic business value.”

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Dr. Miriam Dalli, MEP, highlighted “As European citizens we need to be more ambitious if we want our Member States to have the necessary impetus to do more, and invest more in cleaner energy. As the rapporteur to negotiate a reduction in CO2 emissions from the transport sector I am committed to push forward for more research and investment in new technology to ensure a sustainable and affordable roll out of zero emission vehicles and low emission vehicles. Malta has the potential to be a leader in this regard.”

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Today’s report, authored by Economist Bernard Mallia, is based on energy audits carried out in compliance with the Energy Efficiency Directive. This directive requires non-SMEs to carry out energy audits once every four years, with the first audits having to be completed by December 2015.

The report shows that Malta’s Non-SMEs listed 113 individual energy efficiency and renewable measures as having been identified by auditors, costing a combined EUR 6,712,811, while the annual savings resulting from these interventions were estimated at EUR 1,046,640, offering a return on investment of 15.6%. Industry is keen to take up on energy recommendations. Almost all these measures were reported as due for implementation or already implemented by the business respondents.

Of the investments, EUR 4,484,173 are in renewable energy, mainly rooftop photovoltaic installations. The remaining EUR 2,228,638 are in energy efficiency measures. The energy efficiency measures presented represent a savings potential of 7.7 GWh, while the renewable energy measures presented represent a savings potential of 2.06 GWh. Combined, savings of 9.8 GWH are possible for the sampled subset of non-SMEs. Water heating, lighting, insulation and machinery electrical efficiency offer the best payback periods.

15 of the 32 sites owned by the surveyed entities already have renewable energy installations, mainly rooftop photovoltaic, representing 47%. 50% of respondents, some of whom already have renewable installations, are planning further renewable energy installations over 2017 and 2018.

The report also outlined the affordability of energy audits, with Malta’s non-SMEs (the largest companies in Malta) paying an average of EUR 7,580 for an external audit. The range for external audit expenses is between EUR 4,000 and EUR 15,000.

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Outlining the MBB’s vision for how the EU energy targets could be achieved, MBB President Dr. David Zahra highlighted the measures which have led to Malta’s success, and how they can be built on “Energy audits for Non-SMEs have been largely successful, we now need to widen the reach of energy audits to large energy consumers within SMEs. We also need to further explore the potential of operational upgrades and transport efficiency in future energy audits. Malta has a very high compliance rate with the Energy Efficiency Directive’s obligation for Non-SMEs to carry out energy audits. We feel that this was only possible through the collaborative approach taken by the authorities, stakeholders and businesses. This collaborative approach should be built upon to bring even more success in this area.”

Dr. Zahra also highlighted an important new measure which could be introduced to increase take up by businesses of energy measures “We believe that there is also demand for financing of energy measures. The investment made to date is already considerable. The investment required to reach the 2030 targets is even more so. It is important that we increase the energy financing options available to businesses.”

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Concluding the event, MBB CEO Joe Tanti said “MBB believes in the opportunities that energy presents based on the work we are doing, both in Brussels to understand the EU’s vision and direction, as well as in Malta to understand the situation on the ground for our companies. Our next steps are to continue supporting the business community through technical actions, to continue monitoring developments through studies such as today’s, and also to work towards increasing the financing options available for industry.”

The report may be viewed here, and more photos of the event can be viewed here.

The Investing in Energy Project is run by the Malta Business Bureau in partnership with The Energy and Water Agency and The Malta Chamber of Commerce, Enterprise and Industry, with co-financing from the Regulator for Energy and Water Services and the Ministry for the Economy, Investment and Small Business.

For more information kindly contact Geoffrey Saliba, ‘Investing in Energy’ Project Manager on E: gsaliba@mbb.org.mt or T: 00356 2125 1719

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