Rising energy prices and the critical need to address climate change have pushed businesses to reevaluate their energy management strategies. Beyond just cost, energy use in businesses significantly contributes to climate change, underscoring an urgent need for transformative approaches to energy consumption and management.
In the EU alone, the industrial and commercial sectors account for approximately 25% and 13%, respectively, of total energy consumption, highlighting a critical area for impactful change. While energy suppliers play a key role in shifting towards cleaner energy sources, businesses themselves must intensify their efforts to reduce energy demand, optimise usage, and switch to renewable sources. This isn't just about reaching environmental goals but also about navigating an economic landscape where energy efficiency increasingly influences competitive advantage and aligns with stringent EU regulations.
Traditionally, the immediate concern has been managing energy costs and ensuring a stable supply. However, recent global events have shown that energy prices are vulnerable to sudden spikes due to geopolitical tensions, highlighting the need for a more comprehensive, long-term strategy. For businesses in Malta, where energy is largely imported and thus highly susceptible to global market fluctuations, developing a robust energy strategy is even more critical. Despite the current subsidies, they should be actively planning for when these will be removed.
Instead of managing energy needs in isolation, companies should assess how their entire operations, including business functions, personnel, and processes, affect both energy costs and the organisation’s carbon footprint. From integrating renewable energy solutions like solar power, a resource Malta is abundantly blessed with, to optimising operational processes and encouraging a culture of sustainability throughout the workforce, the opportunities for improvement are vast. To achieve significant results with a strategy that simultaneously lowers energy costs, reduces consumption, and cuts carbon emissions, businesses must embrace a dedicated, sustained effort. This requires strong leadership commitment and collaboration across different parts of the organisation.
The ‘Transforming Energy Demand’ initiative from the World Economic Forum, in collaboration with PwC, shows that businesses and organisations can reduce and optimise their energy demand. Action affecting buildings, logistics and transport can reduce their carbon footprint, without reducing competitiveness and economic growth.
These gains are deliverable now, at attractive returns, needing no new technology. Here, we highlight some practical steps that can be taken today to improve your business’s energy usage, unlocking the potential for increased commercial success:
To win this race, every industry needs to do more – and use less. Achieving substantial decarbonisation requires scaling up renewable energy, constructing more eco-friendly facilities, and enhancing operational efficiency. These transformations, while crucial, demand time and investments. To facilitate this transition, the Government of Malta, with support from the European Union, has launched a new retrofit grant scheme. This initiative aims to co-finance the retrofitting of private sector buildings and operations to boost energy and resource efficiency, significantly reducing consumption in heating, cooling, ventilation, hot water, and lighting. The scheme's goal is to alleviate the financial burden on companies eager to enhance their energy efficiency, diminish energy demand, cut carbon emissions, and minimise energy waste through the retrofitting of private sector buildings.
The Retrofit Grant will be available until 30 June 2026, contingent on fund availability, with monthly cut-off dates to December 2024 published so far.
Beyond support in securing funding, our teams can assist your organisation in understanding the cost-optimal solutions for your building, assess their feasibility and facilitate their implementation. If you are interested in exploring these opportunities, please contact our dedicated team. As a result, your organisation can not only navigate this transition effectively but also achieve enduring positive impacts for all stakeholders involved.
How can we help?
Beyond support in securing funding and the preparation of the funding application, our teams can assist your organisation in understanding the cost-optimal solutions for your building, assess their feasibility and facilitate their implementation. As a result, your organisation can not only navigate this transition effectively but also achieve enduring positive impacts for all stakeholders involved. If you are interested in exploring these opportunities, please contact our dedicated teams.
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