The scheme issued by the Department of Environment is designed to incentivize businesses to engage in the comprehensive economic transformation by exempting them from carbon emissions. This begins with identifying their carbon footprint and devising strategies for reduction, thus establishing their pathway towards decarbonization (Phase A), followed by the implementation of an action plan aimed at reducing greenhouse gas emissions (GHG) in their operational processes and/or in their domestic supply chains. (Phase B).
Phase A
- It will operate on a first come first served basis.
- Application period: 29 February - 31 May 2024 (Once approved, you are required to submit the necessary documents within a 3 month period).
- This involve the provision of consultancy services for the preparation of the following studies (2022-23 as the reference year):
- GHG Emissions Monitoring Plan
- Inventory of GHG Emissions
- Verification of GHG Emissions
- GHG Emissions reduction Action Plan
- Validation of future estimated GHG Emissions Reduction
- Budget: €5 mln.
Phase B
- To qualify for Phase B, you must complete Phase A.
- In this Phase, qualified businesses will receive a financial reward based on GHG Emissions reductions, at a specified price per tonne of reduced emissions.
- Businesses will be able to claim reimbursement on an annual basis, according to their action plans (prepared in Phase A).
- Estimated Budget: €15-20 mln.
How can KPMG assist
- GHG Emissions Measurement (Scope 1,2 & 3) based on ISO14064 and GHG Protocol
- GHG Emissions Monitoring Plan
- GHG Reduction Action Plan and Transition Plan
- Net-zero roadmap and strategy
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