Cyprus commits €14.4 million to help SMEs embrace circular economy practices, supporting investments that boost sustainability and environmental impact. Eligible businesses can receive up to €400,000, excluding sectors like fishing and agriculture.
What is the new circular economy scheme in Cyprus for SMEs?
Cyprus has committed €14.4 million to aid SMEs in adopting circular economy practices, as part of the Cyprus Recovery and Resilience Plan. This scheme provides financial support to SMEs for investments that improve their environmental footprint and align economic growth with sustainability. Eligible businesses can receive up to €400,000, excluding sectors like fishing and agriculture.
Cabinet Endorses Circular Economy Scheme
In a significant move to bolster sustainable business practices, the Cabinet of Cyprus has given the green light to a new circular economy scheme tailored specifically for small and medium enterprises (SMEs). This initiative, championed by the Minister of Energy, Commerce and Industry, George Papanastasiou, forms part of the Cyprus Recovery and Resilience Plan spanning from 2021 to 2026. It represents a concerted effort to infuse new life into the national economy while remaining committed to ecological principles.
With a generous fund of €14.4 million provided by the Recovery and Resilience Facility of the European Union, SMEs in Cyprus are looking at a future where economic growth aligns seamlessly with environmental conservation. This scheme is not just a financial boost but a strategic move to place Cyprus SMEs at the forefront of the global shift towards sustainable business models.
Eligibility and Funding Details
The focal point of this scheme is to encourage both existing and new SMEs to adopt and reinforce circular economy investments. By doing so, they aim to improve the environmental footprint of their products, processes, and overall business practices. The financial aid will manifest in the form of sponsorships covering eligible costs that are directly associated with businesses transitioning to, or starting with, a circular business model.
Nevertheless, it’s imperative to understand that certain sectors remain outside the scope of this scheme. This includes businesses operating in fishing, aquaculture, the primary production of agricultural or livestock products, and the production of wine and vinegar as per the stipulations of Regulation (EU) 1308/2013. Moreover, an SME can receive a maximum of €400,000 in sponsorship, ensuring a wide distribution of funds to benefit a larger number of enterprises.
Application Procedures and Support
Prospective beneficiaries can look forward to a comprehensive guide detailing the ins and outs of the scheme, available through the industry and technology service’s online portal. This guide is instrumental in navigating the application process, providing SMEs with the necessary information to maximize their chances of success.
Applications must be submitted within a specified timeframe, to be announced shortly along with the call for proposals. This structured approach will facilitate an orderly and efficient application process, enabling the equitable and transparent allocation of funds.
Advancing Green Business Practices
By initiating this scheme, Cyprus sets a precedent for combining economic development with environmental stewardship. SMEs stand to benefit significantly from this support, which will aid them in aligning their business models with the principles of a circular economy. This not only enhances their sustainability credentials but also positions them competitively in a global market that increasingly values green practices.
The allocation of funds for this circular economy drive is a testament to the government’s commitment to sustainable development. It reflects an understanding that economic resilience and ecological sustainability are not mutually exclusive, but rather complementary forces driving the future of business. Through this initiative, Cyprus SMEs are empowered to innovate and thrive in a circular economy, paving the way for a greener and more resilient economic landscape.
What is the new circular economy scheme in Cyprus for SMEs?
Cyprus has committed €14.4 million to aid SMEs in adopting circular economy practices, as part of the Cyprus Recovery and Resilience Plan. This scheme provides financial support to SMEs for investments that improve their environmental footprint and align economic growth with sustainability. Eligible businesses can receive up to €400,000, excluding sectors like fishing and agriculture.
Who endorsed the circular economy scheme in Cyprus?
The Cabinet of Cyprus has endorsed the circular economy scheme specifically for SMEs. This initiative was championed by the Minister of Energy, Commerce and Industry, George Papanastasiou, as part of the Cyprus Recovery and Resilience Plan.
What are the eligibility and funding details for SMEs under this scheme?
The scheme aims to encourage SMEs to adopt and reinforce circular economy investments in order to improve their environmental footprint. SMEs can receive sponsorships covering eligible costs associated with transitioning to or starting with a circular business model. However, certain sectors like fishing, agriculture, and wine production are excluded. Each SME can receive a maximum sponsorship of €400,000.
How can SMEs apply for the circular economy scheme in Cyprus?
Prospective beneficiaries can access a comprehensive guide through the industry and technology service’s online portal to navigate the application process. The application must be submitted within a specified timeframe, which will be announced along with the call for proposals. This structured approach aims to facilitate an efficient and transparent allocation of funds to SMEs.
