Senator the Hon Mathias Cormann

More plastic, paper, glass and tyres will be recycled thanks to a new fund set up by the Coalition Government.

The $100 million Australian Recycling Investment Fund is open for business and will support projects that increase our recycling rates, turn our waste back into valuable products and encourage innovation so that resources are not lost to landfill.

Today’s announcement delivers on the Government’s election commitment and is a key plank in the $167 million plan to boost Australia’s recycling rates, tackle plastic waste and halve food waste by 2030.

Minister for the Environment Sussan Ley said Australians care deeply about recycling and that State and Federal governments have now signed on to both a National Waste Action Plan and ambitious waste reduction targets.

“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”, Minister Ley said.

“That is why we committed to the Australian Recycling Investment Fund at the 2019 election and today we are delivering.”

Minister for Energy and Emissions Reduction Angus Taylor said the Fund will be managed by the Clean Energy Finance Corporation (CEFC).

“Australia has a strong track record on recycling and waste reduction but we are always looking for ways to improve to secure a cleaner, greener Australia for future generations”, Mr Taylor said.

“The new Fund combined with the expertise of the CEFC will help deliver that.”

Finance Minister Mathias Cormann said the Government had provided a direction to the CEFC Board to ensure the establishment of the Fund.

“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,” Senator Cormann said.

Minister for the Environment Sussan Ley said the Fund would play an important role in Australia meeting its international waste targets.

“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.”

Assistant Minister for Waste Reduction and Environmental Management Trevor Evans said establishing a new dedicated fund is strong evidence of the Government’s commitment to growing and strengthening Australia’s waste and recycling industry.

“The Fund will help to ensure we significantly increase our recycling rates, turn our waste back into valuable products and encourage innovation so that resources are not lost to landfill”, said Minister Evans.

The Government invites applications to the CEFC to address Australia’s waste and recycling challenges.

The CEFC was established to facilitate increased flows of finance into the clean energy sector and has delivered significant projects in the energy from waste, energy efficiency, renewable energy, transport and agriculture sectors, facilitating over $24 billion of clean energy projects Australia-wide since its inception in 2012.

The Fund will contribute to the Council of Australian Governments’ commitment to ban exports of our waste.