Packaging and resource recovery company Visy Industries plans to invest $30 million of Clean Energy Finance Corporation (CEFC) finance across a range of energy efficient, renewable and low-emissions technologies over the next four years.
Visy plans to use the funds to increase waste recycling and processing capabilities while also offsetting the impact of changes in the international recycling market.
CEFC’s finance is part of a pipeline of potential projects to increase Visy’s manufacturing capacity to recycle waste materials by 10 per cent and improve the energy efficiency of the company’s large-scale manufacturing operations.
Visy’s pipeline includes better processing and sorting technology to increase the amount of material which can be recycled as well as increased energy generation to offset grid energy needs.
The company currently recycles 1.2 million tonnes of paper and cardboard each year and expects to increase its capacity by 10 per cent as a result of the $30 million investment program.
The CEFC aims to increase its investments in waste-related projects as part of its goal to reduce Australia’s overall emissions.
CEFC CEO Ian Learmonth said Visy is a leader in recycling and the use of energy efficient and renewable energy technologies and that the CEFC was proud to work with the company to respond to the waste crisis.
“As a community, we need to reduce our overall waste as well as invest in more sustainable management of remaining waste. This includes extracting energy from non-recyclable waste to replace fossil fuels, as well as increasing our ability to recycle paper and packaging waste onshore,” Mr Learmonth said.
“As a major Australian manufacturer, Visy is also leading the way in investing in energy efficient equipment and technologies to help power its 24-hour operations. We see this as a model for other manufacturers grappling with high energy prices and commend Visy on its leadership.”
According to the International Energy Agency, Australia’s manufacturers are the most energy intensive in the world and accounted for around 40 per cent of natural gas consumption in 2014-15.
Visy Chairman Anthony Pratt said the company was pleased to partner with the CEFC to improve sustainability.
“Visy has pledged to invest $2 billion in Australian manufacturing to create jobs, increase efficiencies and boost sustainability,” Mr Pratt said.
CEFC Bioenergy Sector Lead Henry Anning said with the investment into Visy, it will be able to upgrade its existing infrastructure as well as invest in new equipment.
“We see clean energy technologies playing an increasingly important role in enabling Australian industry to reduce its energy intensity and better manage its energy-related operating costs,” he said.
“Visy is already a great example of this, meeting a part of its energy needs, including heat, through its existing biomass and energy from waste investments.
“The CEFC finance will allow Visy to further complement these energy sources with new investment to lift the overall energy efficiency of its operations. These are proven technologies that can be considered right across the manufacturing sector.”
Image: Henry Anning