The EFTA Surveillance authority has greenlighted the Green Industry Financing Fund (“GIFF”) in a decision adopted on 10 July 2024.
The industry has the principal responsibility with regard to exploiting the business opportunities provided by the green transition commercially. The societal challenges are however so great that a certain degree of government intervention is necessary to initiate the desired transition. The GIFF has the mission to assist innovative and green industrial projects to achieve their potential for scale and growth, both nationally and internationally. This assistance will be provided in the form of loans on better-than market terms. Only projects with real environmental impact will receive support under the scheme.
ESA has considered that the scheme constitutes State aid within the meaning of Article 61(1) of the EEA Agreement but raised no objections to the measure. ESA has concluded that the scheme is compatible with the functioning of the EEA Agreement, pursuant to its Article 61(3)(c) as it fulfills the conditions laid down in section 2.8 of the TCTF, entitled “Aid for accelerated investments in sectors strategic for the transition towards a net-zero economy”.
For more information see Decision