Secretary for the Environment KS Wong launched the Recycling Fund today.
The Environmental Protection Department has set up the $1 billion fund to promote recycling waste into useful resources by helping the local recycling industry upgrade its operational capabilities and efficiency.
Mr Wong said promoting the industry's development is vital to the Government's waste management strategy.
The five-year fund will help the trade create business opportunities and enhance its competitiveness to boost its healthy and sustainable development.
It comprises the Enterprise Support Programme and the Industry Support Programme.
The Enterprise Support Programme provides project-based matching funds for enterprises to upgrade and expand their waste recycling operations, such as enhancing collection and separation of recyclables, adopting value-added recycling processes, and promoting the market competitiveness of recycled products.
The grant is set at 50% of approved expenditure items and each project period will be set at a maximum of two years. Funding support will be granted to each enterprise for up to three approved projects and the cumulative funding ceiling is $5 million per enterprise.
The Industry Support Programme is for non-profit distributing organisations such as professional bodies, trade and industry organisations, research institutes and other industry support organisations to undertake non-profit-making projects to enhance the local recycling industry's overall capability and productivity.
It covers programmes that can enhance recyclers' technical aspects or develop certification schemes for recycling operations. The grant can cover up to 100% of approved expenditure items and the funding amount will be capped at $15 million per project.
Applications are being accepted until November 30, with the first batch of grants released from March.
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