Mark O’Donoghue, Finlease Founder and CEO, speaks with Waste Management Review about how growing businesses can capitalise on the Federal Government’s unprecedented financial incentives.
Waste management is on the frontline of the green revolution.
The global waste management market will add over $180 billion to its value in the next six years according to Allied Market Research (AMR) report.
The Clean Energy Finance Corporation (CEFC) Annual Report 2017-18 has shown the corporation has invested $127 million in waste-related projects in the past year.
The report was tabled in the Australian Senate and has found the total new CEFC commitments in 2017-18 were $2.3 billion, which is up from $2.1 billion in the previous year.
Across its entire portfolio, the corporation has contributed to projects with a total value of around $19 billion and financed more than 5500 smaller-scale clean energy projects through its partners.
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The CEFC is responsible for investing $10 billion in clean energy products on behalf of the Federal Government to reduce the country’s carbon emissions.
Since beginning in 2013, a total of 190 million tonnes of greenhouse gas emissions have been forecast to be cut, once funds are deployed and projects fully operation.
In the Chair’s Report, CEFC Chair Steven Skala said these investments include marquee projects and highlight decarbonisation and can be achieved profitably and effectively across the clean energy sector and waste related projects.
“This year has seen industry seizing the challenges and opportunities offered by decarbonisation and accelerating its consideration of emerging duties associated with carbon disclosure,” he said.
“The financial markets have also moved in this regard. The question now is not one of direction, but of pace. This means the CEFC will continue to have a significant number of opportunities available in its investment pipeline.”
CEFC CEO Ian Learmonth said much has changed since the CEFC began investing in 2013.
“From our early days largely focusing on renewable energy opportunities, we now see our capital working right across the economy, in an increasingly diverse range of projects,” Mr Learmonth said.
“We see clean energy technologies embraced by home owners and small businesses; essential infrastructure projects and landmark property developments; innovative start-ups and institutional investors with an eye to a sustainable future.
“In 2017-18, our most active year of investment, we see a common thread in this activity: a focus on embracing technological innovation to cut energy costs and lower emissions.”
The WA Government is seeking applications for a scheme coordinator to implement its container deposit scheme (CDS).
A scheme co-ordinator will establish and operate the collection network and will be responsible for managing the scheme’s finances.
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The successful applicant will be a not-for profit company and be appointed by WA Environment Minister Stephen Dawson.
New refund points and container sorting and processing plants will create 500 jobs across regional and metropolitan WA.
The scheme is part of the state government’s undertaking to reduce waste, which includes a ban on lightweight single-use plastic bags and a review of the state’s waste strategy.
Applications are open on the Tenders WA website and will close on 5 December 2018. The scheme will commence in early 2020.
Mr Dawson said Western Australians are overwhelmingly in favour of a container deposit scheme with 97 survey respondents supporting the scheme.
“Appointment of the scheme co-ordinator is a crucial step in the rollout of this container deposit scheme, and I look forward to working with the successful candidate to deliver the best scheme for all Western Australians,” he said.