#clean #energy #finance #waste #renewableenergy #news #qmeb #fuel
The Turnbull Government will lend $30 million to ResourceCo to transform non-recyclable waste into solid fuel, known as Processed Engineered Fuel (PEF).
The project is being financed through the $1 billion Sustainable Cities Investment program, through the Clean Energy Finance Corporation (CEFC) , established to boost the use of renewable energy and clean technology in cities.
PEF can be used as a fuel substitute for coal and gas in high-combustion facilities such as cement kilns.
Production will initially be used locally and eventually will also be exported to Asia.
The CEFC will help fund a plant at Wetherill Park in Sydney and a second at another location to be announced.
The Wetherill Park plant will process around 150,000 tonnes of waste a year to produce PEF and recover other commodities such as metal, clean timber and inert materials.
Conversion of non-recyclable waste into PEF is a win for the environment as it has the potential to reduce Australia’s need for new landfill.
The project is expected to reduce the equivalent of at least 8 million tonnes of carbon dioxide emissions during the expected life of the equipment.
ResourceCo is one of Australia’s largest recycling businesses, accepting and processing more than two million tonnes of waste per year.
The CEFC invests with co-financiers to develop new sources of capital for the clean energy sector, including climate bonds, equity funds, aggregation facilities and other financial solutions.