Funding for transitioning to greener vehicles available to companies

Financial support can be obtained for switching over to more eco-friendly road vehicles. According to Reinis Bērziņš, chairman of the board of the ALTUM development finance institution, its business energy efficiency programme includes financing the renovation of road vehicle fleets using greener vehicles, including those using CNG as fuel.

"We see that transitioning to greener transport and reducing the use of fossil fuels can be advantageous for business, which is why I hope that in the future, we will have reasons to be proud of the funding provided to buy not only electric, but also CNG vehicles. Right now, we are developing one project, as part of which an agricultural company intends to replace vehicles using traditional fuels with those running on CNG, with the purpose of reducing fuel consumption and costs, and to potentially start using biogas further on,"Bērziņš said. He also noted that the programme has reduced guarantee requirements, and the strictest condition expected from interested companies is having a clear vision of their business model. This funding may be available for the purchase of vehicles, and for installing local CNG fuelling stations on company premises.

The Ministry of Transport also supports the creation of eco-friendly vehicle fleets. So far, it has awarded funding for the procurement of CNG buses in Daugavpils.

We can already see that natural gas and biomethane will play a major role in cargo and passenger transport, and in municipal transport services; nevertheless, promoting the use of these alternative fuels requires the infrastructure, fiscal and financial support, and revising the policies of the European Union.

For more information about the support provided by the ALTUM development finance institution, see:

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