The Clean Energy Finance Corporation will finance $30 million of sustainability upgrades at Visy over the next four years.
Visy will use the CEFC investment to improve its waste recycling capacity by 10 per cent, and to boost its renewable energy and energy efficiency infrastructure at its large-scale manufacturing facilities. The aim is to reduce carbon emissions and waste to landfill.
Visy already recycles 1.2 million tonnes of paper and cardboard every year. Chairman Anthony Pratt says he is proud to work with the CEFC to increase that amount by an estimated 120,000 tonnes. “Visy has pledged to invest $2 billion in Australian manufacturing to create jobs, increase efficiencies and boost sustainability.
“We are pleased to partner with the CEFC to help us make good on a part of that pledge,” he said.
Ian Learmonth, CEO of the CEFC, said Visy is a leader in recycling, both in Australia and around the world.
“As a major Australian manufacturer, Visy is 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,” he said.
Australia’s manufacturing sector is among the most energy-intensive in the world, and accounted for about 40 per cent of natural gas usage in 2014-15. Henry Anning, who heads the CEFC’s bioenergy sector, says the CEFC’s loan will help Visy cut its energy usage and emissions.
“With this investment, Visy will upgrade its existing recycling infrastructure as well as invest in new equipment to support greater resource recovery. This is about processing non-recyclable waste so we reduce landfill volumes and also cut emissions from decomposing waste,” he said.
