Slovakia has reduced its total greenhouse gas (GHG) emissions by 46 per cent in 2020 compared to 1990. Nevertheless, the emission intensity of the country’s industry is enormous.
According to data from 2018, the share of emissions from the industry in Slovakia’s total emissions was 41 per cent, while the European average is lower and remains at 21 per cent. According to the Minister of the Environment Ján Budaj, it is important that industrial enterprises adopt the idea that investing in innovation and modernisation is not only a cost-effective measure but also generates additional profits.
“Investments in the decarbonisation of industry meet the top two priorities of the Recovery and Resilience Plan of Slovakia, both in terms of environmental protection and also in terms of sustainability and viability of the industry,” stressed Prime Minister Eduard Heger.
Not only did Mr Budaj recommend for the State to simplify administrative procedures for drawing subsidies in favour of innovation and new technologies, but also the private sector must make its part, stepping up its ambitions.
Overall, two key financial instruments will help the Slovak industry to meet the decarbonisation goals: the Recovery and Resilience Plan of approximately 350 million euros and the Modernisation Fund, which will allow the use of additional 1.5 billion euros for the transformation of the industry by 2030.