Péter Szijjártó, Minister of Foreign Affairs and Trade, said the government scheme for aiding investments that boost energy efficiency in factories has awarded 27.5 billion forints to 25 companies so far.
Minister Szijjártó said the government launched the Factory Rescue Program after the outbreak of the war in Ukraine to insulate companies based in Hungary from unpredictable price fluctuations in the international energy markets. Fully 120 billion forints (EUR 317.6m) will be available to 140 companies under the scheme, and this is expected to stimulate 300 billion forints in developments, he said. The money awarded so far is expected to create investments worth 61 billion forints, thereby safeguarding 12,000 jobs. Meanwhile, energy use is likely to be reduced by 12,471 Mwhs. Developments involve thermal upgrades of factory buildings and renewable energy installations such as solar systems, the minister noted. All the companies in the scheme are Hungarian, bar one, which is Italian. Hungary was one of the 20 countries that had managed in recent years to grow its economy while reducing its emissions. Under the government’s new investment promotion system, energy developments made as part of capacity or technology investments will be eligible for support of up to 50%, Minister Szijjártó said.