The Federal Government has poured $100m into a new fund to support recycling projects and keep waste from landfill.
The Australian Recycling Investment Fund will be administered by the Clean Energy Finance Corporation (CEFC), and is described by Environment Minister Sussan Ley as a vital plank in the government’s plan to boost Australia’s recycling rates, tackle plastic waste, and halve food waste by 2030.
“Australians want to be confident that when we put things in our recycling bin, or deliver them to a collection centre, that they will be recycled and not dumped in landfill or simply sent overseas.
“Last month’s Meeting of Environment Ministers set a clear message about our commitment to a circular economy and a timetable for banning problem waste exports.
“Growing our recycling capacity is critical in that process, and this scale of investment will make a real difference,” she said.
Finance Minister Matthias Cormann said the fund would encourage innovation in the recycling sector.
“The Australian Recycling Investment Fund will provide the CEFC with the capacity to support waste and recycling technologies by making investments which attract private sector support and by working with strategic financing partners to attract additional investments into this sector,” he said.
The government has invited applications to the CEFC, saying the CEFC’s expertise combined with the fund will help grow and strengthen Australia’s recycling industry.