Today the Victorian Government announced the introduction the Environmental Upgrade Agreement (EUA) legislation to the Victorian Parliament next week. This legislation enables councils to establish EUA programs within their municipality assisting local businesses improve their energy efficiency, lower operating costs and provide employment to the local community.
In a study completed by the Eastern Alliance for Greenhouse Action it was estimated that a Victorian wide EUA program could inject $4.5billion of economic activity and create 800,000 jobs.
EUAs allow for the tenants and building owners of commercial and industrial property to collaborate on energy, water and waste projects that will reduce the impact to the environment and reduce operating costs. Unlike other alternative finance options, EUAs allow tenants to contribute financially to the project where it makes sense to do so and help shape the project to best suit there needs. Importantly, EUA finance also offers very competitive interest rates and long term finance, making the project cash-flow positive from day one.
We are seeing a strong interest for EUA financed projects throughout Victoria and would be keen to talk with service providers, building owners and tenants for projects you might have in mind. We are also interested in discussing the establishment of a EUA program from local governments. Please email michael.lambden@sustainableaustraliafund.com.au.
We welcome the introduction of this bill to the Victorian parliament and look for working with local councils to open up economic and environmental opportunities in their council.
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