Fact sheets on building retrofits
The fact sheets highlight targeted energy and emissions savings and other key project details.
The retrofits have a total value of $4.9 million and are projected to save 5350 tonnes of CO2-e emissions per year, equivalent to taking more than 1200 cars off the road annually. The projects include installation of a trigeneration system, high efficiency chillers, cooling towers, lighting system upgrades, heating and air conditioning units and controls, occupancy sensors and double glazing.
Sustainable Melbourne Fund Chief Executive Scott Bocskay said the fact sheets demonstrated the financial and environmental benefits of retrofitting through an environmental upgrade agreement and would be produced for retrofit projects funded through the financial mechanism going forward.
“The fact sheets illustrate the types of buildings and retrofits that can be financed under an environmental upgrade agreement and provide information on service providers working in the commercial sustainability sector. They are a useful resource for building owners looking at opportunities to improve their own buildings,” Mr Bocskay said.
“The key missing ingredient for building owners making their buildings energy and water efficient to date has been access to capital. Environmental upgrade finance overcomes this barrier through a major rethink of how to approach financing a building upgrade – making it a powerful tool for cutting energy and water use and therefore costs.”
“Building owners can now look beyond traditional sources of funding to make their buildings higher performing and share the costs and benefits with their tenants. Environmental upgrade finance puts energy and water efficiency within the reach of more building owners and occupiers.”
“Melbourne City Council has long been at the forefront of sustainability and this financial mechanism, the first of its kind by a local council in Australia, reinforces Melbourne’s commitment to achieving the best possible outcomes for the commercial building sector and the environment.”
The fact sheets are available on the Sustainable Melbourne Fund website at www.sustainablemelbournefund.com.au/euf/1200/casestudies
ABOUT SUSTAINABLE MELBOURNE FUND
Sustainable Melbourne Fund was established as a commercially oriented, independent unit trust by Melbourne City Council in 2002 to progress sustainable development in greater Melbourne through strategic investments. Established with an initial investment of $5 million, the fund is currently worth $6.4
million.
Since its inception, Sustainable Melbourne Fund has invested $7.7 million in energy generation, water savings and energy efficiency projects to deliver improved commercial and environmental outcomes in the built environment.
As a specialised fund with expertise in energy efficiency, renewable energy and project management and delivery, Sustainable Melbourne Fund operates two innovative programs:
• an investment program to stimulate projects that enhance the environment, contribute to sustainability and deliver economic benefits
• the administration of the environmental upgrade finance mechanism within the City of Melbourne’s 1200 Buildings Program.
ABOUT ENVIRONMENTAL UPGRADE FINANCE
In September 2010 the Victorian Parliament passed Australia’s first legislation to support the large scale environmental retrofit of city buildings. The City of Melbourne Act 2001 was amended to enable Melbourne City Council to levy a new form of statutory charge, called the environmental upgrade charge. This provided the basis for environmental upgrade finance, a new market-based mechanism established to enable non-residential building owners to access capital to undertake environmental improvements. The mechanism was developed to accelerate activity to cut greenhouse gas emissions under the City of Melbourne’s 1200 Buildings Program by incentivising the commercial sector’s uptake of environmental retrofitting. Finance for environmental improvements can be difficult to obtain due to a range of factors. The ability to recover money advanced for environmental retrofit work as a statutory charge provides additional security for financiers, thereby reducing the risk associated, and incentivising financiers to advance capital for environmental improvement works.
Sustainable Melbourne Fund Chief Executive Scott Bocskay said the fact sheets demonstrated the financial and environmental benefits of retrofitting through an environmental upgrade agreement and would be produced for retrofit projects funded through the financial mechanism going forward.
“The fact sheets illustrate the types of buildings and retrofits that can be financed under an environmental upgrade agreement and provide information on service providers working in the commercial sustainability sector. They are a useful resource for building owners looking at opportunities to improve their own buildings,” Mr Bocskay said.
“The key missing ingredient for building owners making their buildings energy and water efficient to date has been access to capital. Environmental upgrade finance overcomes this barrier through a major rethink of how to approach financing a building upgrade – making it a powerful tool for cutting energy and water use and therefore costs.”
“Building owners can now look beyond traditional sources of funding to make their buildings higher performing and share the costs and benefits with their tenants. Environmental upgrade finance puts energy and water efficiency within the reach of more building owners and occupiers.”
“Melbourne City Council has long been at the forefront of sustainability and this financial mechanism, the first of its kind by a local council in Australia, reinforces Melbourne’s commitment to achieving the best possible outcomes for the commercial building sector and the environment.”
The fact sheets are available on the Sustainable Melbourne Fund website at www.sustainablemelbournefund.com.au/euf/1200/casestudies
ABOUT SUSTAINABLE MELBOURNE FUND
Sustainable Melbourne Fund was established as a commercially oriented, independent unit trust by Melbourne City Council in 2002 to progress sustainable development in greater Melbourne through strategic investments. Established with an initial investment of $5 million, the fund is currently worth $6.4
million.
Since its inception, Sustainable Melbourne Fund has invested $7.7 million in energy generation, water savings and energy efficiency projects to deliver improved commercial and environmental outcomes in the built environment.
As a specialised fund with expertise in energy efficiency, renewable energy and project management and delivery, Sustainable Melbourne Fund operates two innovative programs:
• an investment program to stimulate projects that enhance the environment, contribute to sustainability and deliver economic benefits
• the administration of the environmental upgrade finance mechanism within the City of Melbourne’s 1200 Buildings Program.
ABOUT ENVIRONMENTAL UPGRADE FINANCE
In September 2010 the Victorian Parliament passed Australia’s first legislation to support the large scale environmental retrofit of city buildings. The City of Melbourne Act 2001 was amended to enable Melbourne City Council to levy a new form of statutory charge, called the environmental upgrade charge. This provided the basis for environmental upgrade finance, a new market-based mechanism established to enable non-residential building owners to access capital to undertake environmental improvements. The mechanism was developed to accelerate activity to cut greenhouse gas emissions under the City of Melbourne’s 1200 Buildings Program by incentivising the commercial sector’s uptake of environmental retrofitting. Finance for environmental improvements can be difficult to obtain due to a range of factors. The ability to recover money advanced for environmental retrofit work as a statutory charge provides additional security for financiers, thereby reducing the risk associated, and incentivising financiers to advance capital for environmental improvement works.
