The EBRD has launched a new scheme to provide €150,000 (£132,000) to help small businesses in Serbia develop and implement innovative climate-friendly solutions.

The first innovation vouchers have been distributed among 10 companies and aim to increase the innovation capacity of small and medium-sized enterprises in the field of green technologies and resource efficiency.

Companies will work with researchers from local universities on their proposals, which can receive up to €20,000 (£17,600).

The EBRD believes such innovations will not only help Serbia better prepare for the changing climate but will also support the nation’s long term economic competitiveness.

Projects selected include supporting the development of sustainable agriculture, improving waste management and reusing waste materials such as waste plastic, glass and expanded polystyrene.