The fund will support the development of projects that increase recycling rates, develop products using recycled waste and promote innovation

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Image: The Clean Energy Finance Corporation will manage the new fund to increase recycling rates. Photo: courtesy of Thanks for your Like • donations welcome from Pixabay.

The Government of Australia has launched an A$100m ($68.6m) fund aimed at increasing recycling rates and support circular economy in the country.

The funding forms part of the A$167m ($114.6m) investment plan to support the recycling rates, as well as reduce plastic and food waste by 2030.

Australia Environment Minister Sussan Ley said that State and Federal governments have now signed on to both a National Waste Action Plan and ambitious waste reduction targets.

Minister Ley said: “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.”

The fund is intended to support the development of projects that increase recycling rates, develop products using recycled waste and promote innovation.

The new fund will be managed by CEFC

According to Australia Minister for Energy and Emissions Reduction Angus Taylor, the Clean Energy Finance Corporation (CEFC) will manage the new fund.

CEFC, which was established in 2012 to increase the cash flow into the clean energy sector, has secured clean energy projects worth $24bn ($16.6bn) in Australia.

Australian Minister for Finance Mathias Hubert Paul Cormann said: “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.

“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.”

The new funding is expected to support the Council of Australian Governments’ commitment to ban the country’s waste exports.

Recently, researchers from the University of New South Wales (UNSW) Sydney have developed recyclable and biodegradable plastic bags made from banana plants.

The research work focused on the banana industry, where only 12% of the banana tree is used while the rest is discarded after harvesting. The researchers expect the banana pseudostem to be a realistic alternative to plastic bags and food packaging.