Seven glass and plastics projects in Victoria have received $8.1 million in first round funding under the Recycling Modernisation Fund (RMF).
The joint Victorian-Commonwealth Government $46 million recycling infrastructure initiative is set to double the state’s domestic glass recycling capacity, increase its plastic recycling by 40 per cent and create 350 jobs.
The projects include a new metropolitan processing plant that will accept 140,000 tonnes of glass each year, a regional facility to separate glass kerbside co-mingled material, and equipment to produce a new patented system for concrete slab foundations made from 100% recycled plastic (processing 1,655 tonnes of plastic each year).
A further $38 million of RMF co-funding with Victoria will be available through a new round under the Recycling Victoria Infrastructure Fund (RVIF) which will open for applications on the 22nd March 2021 and close on the 7th May 2021.
Victoria is aiming to grow resource recovery in the state, generating up to $5 billion in opportunities for infrastructure investment by 2044.
This equates to $120–167 million in annual investment opportunities in financing technology, infrastructure and expertise to significantly improve Victoria’s resource recovery.
Late last year, the Victorian Government launched a new innovation centre to bring together businesses, industry groups, research institutions and not-for-profit organisations to create solutions to reduce waste, increase recycling and reuse, and generate new revenue for Victorian businesses.
To explore investment opportunities in Victoria’s waste and resource recovery sector, contact us.