City of Sydney and Low Carbon Australia encourage investment in low carbon technologies
A Memorandum of Understanding (MOU) has been signed by City of Sydney Chief Executive Monica Barone and government-funded independent company Low Carbon Australia (LCAL).
The purpose of the agreement is to encourage businesses, apartment building owners' corporations and government to invest in low carbon technologies, with LCAL allocating an initial $100 million in funding for energy efficient improvements.
The City and LCAL will organise seminars, workshops and develop marketing materials to encourage building owners and tenants to invest in energy-efficiency improvements, in addition to collaborating on research, case studies and educational materials.
As Ms Barone notes, the agreement is part of the City of Sydney's program to reduce carbon emissions by 70 per cent by 2030, a target that she states is the most ambitious of any Australian government.
Low Carbon Australia CEO, Meg McDonald, hopes that the agreement will forge closer relationships with the owners and tenants of existing buildings, assisting in encouraging them to invest in more energy efficient operations.
“Through our partnerships with major organisations including NAB, Macquarie, Alleasing and Origin, we can provide financial solutions to cover the start-up costs of energy- efficiency upgrades. Repayments are tailored to either meet or be less than the energy costs saved, providing real incentive to businesses wanting to make changes now. The energy savings generally exceed the cost in five years or less,” she adds.