The Victorian Government has announced a new $2.5 million fund to help develop markets for Victoria’s recyclable waste, and boost research and development into recycling.
Environment Minister Lily D’Ambrosio on Tuesday launched the Resource Recovery Market Development Fund in Craigieburn, Melbourne where major road builder Downer is trialling an asphalt mix containing recycled plastic bags, printer cartridges and glass in road surfacing.
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Downer received $67,000 from the fund, which will be managed by Sustainability Victoria and support researchers and industry in finding new ways to use recovered resources.
Downer estimates that up to 15 per cent of asphalt could contain soft plastics and that up to 10 million tonnes of recyclable waste could be diverted from landfill every year using their new approach.
Sustainability Victoria provided Close the Loop with $40,000 for equipment to develop the plastic additive used in the asphalt mix.
The fund builds on $80 million over four years invested by the Victorian Government into waste and resource recovery.
Applications for the Resource Recovery Market Development Fund will open in July.
Environment Minister Lily D’Ambrosio said the new fund will help support new industries and stimulate a circular economy for recyclable material.