The Government today announced details of the long awaited Clean Technology Investment Program. The CITP will provide $1 billion in funding for manufacturers to improve energy efficiency and reduce pollution and also help manufacturers buy new plant and equipment which cuts their energy costs or reduces carbon pollution.
The CITP comprises the $800 million Clean Technology Investment Program and the $200 million Clean Technology Food and Foundries Investment Program which will support jobs and provide incentives for manufacturers to become more efficient, more competitive and more sustainable. Eligible manufacturers can apply for funding under the programs from today.
The Government also announced they would change co-contribution requirements to make the grant programs more attractive for small and medium-sized firms. Manufacturers with turnovers of less than $100 million requesting funding under $500,000 will now only have to match the government grants on a dollar for dollar basis.For all other grants under $10 million, applicants will be required to contribute $2 for every $1 from the Government. For grants of $10 million or more, applicants will be expected to make a co-contribution of at least $3 for each $1 of Government support.
Projects that can be supported include switching to less carbon intensive energy sources or installing new manufacturing equipment, processes and facilities to reduce energy consumption and carbon emissions.