UK: Loans to help firms cut emissions rise five-fold

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🗞️ Driving the news: The Isle of Man government has increased its business emissions loans five-fold to £100,000 as part of a rebranded Business Emissions Saving Scheme, helping companies reduce carbon emissions and become more energy efficient

🔭 The context: The scheme, which previously capped loans at £20,000, now offers loans based on company size and requires an energy audit
• It also covers a wider range of projects, from energy-efficient lighting to installing solar panels and charging points

🌍 Why it matters for the planet: The initiative supports the Isle of Man’s goal of reducing carbon emissions by 2050, encouraging businesses to implement energy-efficient solutions that will also cut costs

⏭️ What's next: Starting October 1, businesses can apply for these enhanced loans, with the government providing grants covering up to 75% of audit costs to identify potential energy savings

💬 One quote: "The scheme would encourage businesses to become more financially sustainable through increasing their energy efficiency," said Enterprise Minister Tim Johnston

📈 One stat: Loans under the scheme have increased from £20,000 to £100,000

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