The Isle of Man Department of Economic Development has today announced the launch of a 0% green business loan scheme. The scheme, which forms part of the Islands commitment to reduce its carbon footprint, has been designed to help businesses operating on the Isle of Man lower energy costs as well as increase overall operational efficiency. The scheme - which offers a 100% loan of up to ?20,000 towards the cost of projects that improve energy efficiency - is open to all business sectors where projects will involve energy efficiency improvements in Isle of Man business premises. Each project will be assessed on its potential to deliver energy savings and preference will be given to those that provide the greatest reduction in CO2 emission. Projects deemed suitable range from lighting/ lighting controls to compressed air systems/ controls to insulation upgrades. For the last few years the Island has been committed to reducing its carbon footprint and to this end the Department of Economic Development already has in place Energy Champion training*, which has been provided to 45 employees of Isle of Man businesses, and energy surveys for 25 businesses on the Island. The green business loan scheme will build on both these initiatives further enhancing the Island’s “green” credentials. Minister for Economic Development, Allan Bell commented: “This initiative demonstrates the Government’s commitment to working closely with local companies to introduce policies which not only make sound business sense but also generate work for them to deliver energy efficiency products and services.” Dr Ken Milne, senior manager for energy policy, added: “Due to the capital costs of installing energy efficiency measures we sometimes find that businesses tend to only implement recommendations from a Department of Economic Development energy survey that have no cost or low cost. Furthermore, a recent report commissioned by the UK Carbon Trust (The Business of Energy Efficiency report) indicates that 80% of businesses are likely to only fund projects where the payback period is less than 3 years. With this in mind, the 0% green business loan scheme has been designed to try and assist companies in overcoming any investment hurdles. Added to this there is an overall economic benefit for the Island; by reducing energy usage, products manufactured on the Isle of Man will be more competitive for export.” Department Member with responsibility for Cleantech, Alex Downie OBE MLC said: “The launch of this initiative is a positive step towards both assisting Isle of Man businesses with reducing their energy usage, and helping the Government achieve its targets in CO2 reduction.” Web: http://www.gov.im/ded/Energy/cleantechwelcome.xml ENDS