Australia Launches US$212m Scheme Funding Green Development

• 8 February 2022
• Construction Focus
• 1249 Views

Australia has launched a US$212 million (A$300m) scheme financing developers who build green construction projects, aimed at reducing greenhouse gas emissions.

According to GCR Report, the project is to encourage the use of mass timber on big construction projects.

The source of the fund comes from state investor, the Clean Finance Investment Corporation (CEFC). All stakeholders including commercial offices, retail, industrial, healthcare, and residential sectors are urged to apply.

CEFC calculated that using engineered wood could cut buildings’ embodied carbon by up to 75% compared to the use of conventional steel and concrete.

“Innovations in engineered wood products have created new opportunities for mass timber construction to be used in larger projects, creating the potential for immediate and long-term environmental benefits,” said CEFC chief executive Ian Learmonth.

Embodied carbon produces some 28% of emissions in building and construction globally, largely from the production and delivery of building materials. It is expected to account for almost half the emissions of new construction by 2050.

• Energy and Environment