A recent report compiled by the Environmental Protection Ministry, as part of its "green growth brief" for the government, revealed that the bureaucracy involved with promoting and implementing eco-friendly projects in Israel is so cumbersome that it costs the State a staggering NIS 1.5 billion (about $354 million) a year. The brief was prepared as part of an Environmental Protection and Trade, Labor and Industry ministries joint project, which aims to see the State invest NIS 850 million (about $218 million) in future green growth projects. The ministries' brief introduced various ways to cut what it dubbed as "green red tape" as well as various ways to promote green taxes – to encourage energy efficiently in the industries, promoting greentech ventures and environmental education and offering more government grants from environmental innovation studies. The ministries' plan, which was formulated through a series of round table forums that included industry experts and green groups, is expected to create thousands of jobs by 2017. According to the Environmental Protection Ministry's data, European Union nations invest up to eight times more in greentech, and if Israel continues investing only minimal State funds in environmental technology, it will eventually have a seriously detrimental effect on Israeli entrepreneurs' ability to compete in the global arena. The report noted that the EU's greentech and cleantech industries have noted a combined 7% growth over the past year. The bureaucratic reform suggested would be able to save the State some NIS 375 million ($96 million) a year. "Green growth engines are the basis for the next economic breakthrough," Environmental Protection Minister Gilad Erdan said in a statement. "The economic and environmental crises present an opportunity to move on to a new business model and it is our duty to prepare the market to make the most of this opportunity. "Today, we know that the future lies with promoting a green growth strategy, both in Israel and the world," he added. "If we go about this wisely, we would be able to create an Israeli Silicon Valley that would further brand Israel as a leader in environmental technologies, as well as create thousands of jobs." Follow Ynetnews on Facebook and Twitter