The European Commission has authorized a revised version of a Dutch tax incentive measure to stimulate investments in projects that have a positive effect on nature and the environment in the Netherlands.
The Commission found the various parts of the scheme to be in line with its guidelines on state aid to agriculture, to fisheries and to the environment, and with European Treaty rules on state aid for the development of certain economic activities.
EU Competition Commissioner Neelie Kroes said: “I am satisfied that the revised Green Funds Scheme will contribute to the EU efforts for a greener economy without unduly distorting competition. The fund has proven in the past an effective catalyst for environmentally friendly and energy-efficient investments in the Netherlands. "
In 1995, the Dutch government launched the Green Funds tax incentive scheme to encourage environmentally friendly initiatives. Tax exemptions may be granted for investments by individual taxpayers in investment funds that mainly (at least 70%) invest in "green projects." To qualify as a green project, certain conditions must be met.
The modified scheme proposes new project categories and amends a number of existing project categories. The proposed amendments seek to adapt the scheme to advancements in environmental technologies and to current policy priorities.
Project categories range from the development and maintenance of nature, forest and landscape to projects for sustainable aquaculture, the generation of renewable energy, and the sustainable construction of dwellings and utility buildings.
Since the scheme's inception, around 44,000 individuals have invested EUR6.8bn in green projects, enabling the funding of 5,000 green projects.
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