Bank Australia to support sustainable infrastructure upgrades across three states
Bank Australia is due to assist in delivering the Sustainable Australia Fund, which will expand an original Melbourne-centric finance model to a national scale, to include NSW and South Australia. The fund provides businesses with upfront capital to make environmentally conscious upgrades to their buildings.
The original Sustainable Melbourne Fund was established by Deputy Lord Mayor Arron Wood 17 years ago with a goal to drive business innovation, reduce emissions and mitigate climate change impacts by the private sector. The City of Melbourne has agreed to divest from the scheme to allow it to grow to a national scale.
“Our seed funding and support for the fund has unlocked more than $30 million in environmental infrastructure upgrades for Victorian businesses. This has enabled the abatement of more than 300,000 tonnes of greenhouse gas emissions… We could not be prouder of the success of Sustainable Melbourne Fund and the outcomes it has achieved in supporting Victorian businesses create savings and environmental upgrades through access to loans, which are repaid through council rates.”
- Deputy Lord Mayor Arron Wood
In 2010, the City of Melbourne created Australia’s first Environmental Upgrade Agreement with support from the Victorian State government. The loans have enabled Victorian businesses to offset of more than 300,000 tonnes of CO2 emissions as well as reduce energy costs due to upgraded operation infrastructure.
“From the first environmental upgrade agreement signed in 2011 at 460 Collins Street, solar PV projects in a number of municipalities, to a multi-million dollar water treatment plant in regional Victoria, it’s exciting to know we’ve delivered some great results in saving money, reducing environmental impact and driving new business."
- City of Melbourne Deputy Lord Mayor Arron Wood
The new national initiative will provide access to an Environmental Upgrade Finance loan of up to $200 million. Businesses can apply for funding to cover a number of environmental projects, including energy, water or waste performance. The loan will then be paid back via the quarterly council rates.
WHAT THEY SAY
“We’re proud to support the launch of the Sustainable Australia Fund to enable it to expand its impact across Australia which aligns with our purpose of creating positive impact for people and the planet.”
Darren Dawson, Head of Impact Finance at Bank Australia
“It’s truly a testament to the success of the original goals of Sustainable Melbourne Fund that it can now expand its reach beyond the borders of Victoria.”
City of Melbourne Deputy Lord Mayor Arron Wood
“The City of Melbourne has demonstrated tremendous leadership since 2002 in facilitating environmental infrastructure upgrades for Victorian businesses. It has supported industry and commercial properties, and more recently, agricultural businesses and farmers to upgrade their facilities through accessible loans.”
Scott Bocskay, CEO of Sustainable Australia Fund
CASE STUDY
460 Collins Street
460 Collins Street in Melbourne was originally constructed in 1939, so in order to reach a higher level of sustainability, the building was retrofit with a highly efficient PowerPax chiller, as well as a new control system. Controllers were also fitted into the existing VAV boxes and air-handling units. This significantly reduced energy consumption from the air conditioning system resulting in an energy bill saving of $11,000 per annum, and 170 tonnes of CO2-e.
WHAT WILL BE COVERED BY THE FUND?
Building Upgrades
Building fabric insulation upgrade
Cool roof coating
External solar shading
Green roof installation
High-performance windows
Reduce building infiltration/exfiltration
Energy source
Domestic Hot Water sustainability via technology upgrade
Reduced carbon on-site energy source
Grid-connected renewable energy, with or without battery storage.
Solar thermal hot water
Power factor correction
Lighting
Lighting control upgrades
Lighting technology upgrade
Plant Upgrades
Drive and fan efficiency upgrades
Duct testing and sealing
Ducting and piping insulation
HVAC efficiency via control upgrade
HVAC technology upgrade
Permanent high-efficiency commercial appliances
Permanent refrigeration upgrades
Pool efficiency upgrades
Water
Blackwater system
Greywater system
Rainwater system
Water efficiency measures
COUNCILS CURRENTLY ACCEPTING EUA* APPLICATIONS
(*Environmental Upgrade Agreement)
Victoria
Baw Baw Shire Council
Brimbank City Council
Campaspe Shire Council
Cardinia Shire Council
Central Goldfields Shire
City of Greater Bendigo Council
City of Greater Geelong Council
City of Melbourne
City of Kingston
City of Monash Council
Darebin City Council
Greater Dandenong Council
Greater Shepparton Council
Hobsons Bay City Council
Horsham Rural City Council
Knox City Council
Macedon Ranges Shire Council
Maribyrnong City Council
Mildura Rural City Council
Mitchell Shire Council
Moira Shire Council
Moonee Valley Council
Mornington Peninsula Shire
Mount Alexander Shire Council
South Gippsland Shire Council
Warrnambool City Council
Wellington Shire Council
Wyndam City Shire Council
Yarra Ranges Council
New South Wales
Blacktown City Council
Parramatta City Council
City of North Sydney
City of Sydney
South Australia
City of Adelaide (CoA)
City of Salisbury
City of Marion
City of Onkaparinga