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$5 MILLION SUSTAINABLE MELBOURNE FUND
 
 

ACHIEVEMENT: The City of Melbourne has established a $5 million Sustainable Melbourne Fund to further environmental Sustainability in the City of Melbourne.

TARGET DATE: March 2002 PROGRESS: Achieved.

DESCRIPTION: In 1999 I proposed that the City Of Melbourne establish a trust fund to provide finance to projects and groups that want to do things to further environmental sustainability in the City of Melbourne.

The Sustainable Melbourne Fund was officially launched at the City Baths on Tuesday 23 September 2003.

Unlike some other funds, the Sustainable Melbourne Fund allows for draw down of its capital, with the Fund Charter stating that the fund is looking for "A net return of 4.5% over the first 10 years of the Fund and a net return of 150% of the 10 year bond rate in the longer term (using the rate current at commencement of the Fund) on the Fund's total investment of $5 million."

The Sustainable Melbourne Fund was established by the Melbourne City Council as an innovative and forward-focused initiative to provide financial assistance and investment in specific projects that enhance the environment, community and economic benefits for the people of Melbourne. The establishment and growth of the Sustainable Melbourne Fund is identified as an important council initiative within City Plan 2010 our blue print for being a thriving and sustainable city.

The Fund is designed to be self-sustaining, delivering a measurable rate of return. This will allow the City of Melbourne to support environmental initiatives in the community for many years to come.

The Sustainable Melbourne Fund operates as a unit trust, with an independent board of trustees appointed to manage the strategic direction of the Fund and all Fund investment activities. The Melbourne City Council is the sole unit holder and has made an initial contribution to the trust of $5 million.

Future partnership opportunities: The City of Melbourne is committed to supporting environmental initiatives and through the Sustainable Melbourne Fund hopes to invest in other industries such as energy and waste. For information about future partnership opportunities contact Peter Castellas, Fund Manager 9754 1862 or email pcastellas@gkv.com.au.

FURTHER INFORMATION: This information describing the first green project facilitated by the Sustainable Melbourne Fund is taken from the City of Melbourne website.

The City of Melbourne's innovative $5 million Sustainable Melbourne Fund has begun its first green project - a water efficiency program for business. The program will see money invested in water-saving infrastructure for local organisations. The system has been devised by Yarra Valley Water and fellow water retailers City West Water and South East Water are now in the process of joining the program.

Under the scheme, businesses and organisations such as universities and schools can undergo a water audit to determine where they can make water savings. Where costly infrastructure is required for water reductions to be achieved, the Fund would finance the purchase and installation of this technology. Businesses would then continue to pay the same amount on their water bills until the money invested by the Fund is paid back with interest.
Once the money is repaid businesses will reap the benefit of the savings in water bills.

To find out how your business can reduce its water usage, make financial savings and to register your interest in the water efficiency program for business contact the City of Melbourne Hotline on 9658 9658 or email enquiries@melbourne.vic.gov.au.

In an Australian first, the City of Melbourne has developed an ambitious long-term strategy to slash water use in the municipality over the next 20 years. The strategy, WaterMark - towards sustainable water management by 2020, sets targets for residents, industry and businesses to reduce water consumption by 40 per cent by 2020. Watermark evolved out of steps I took in 2000 to reduce water use by the City of Melbourne, Melbourne City Council's involvement in the ICLEI Water Campaign and the Green Achievement Wise Water Management. See each site for further details.

 

Cool Green Tip Of The Week -

23 April 2017: Only those who decline to scramble up the career ladder are interesting as human beings. Nothing is more boring than a man with a career: Aleksandr Solzhenitsyn, The Gulag Archipelago 1918 -1956.

This site is written, authorised and maintained by David Risstrom , 377 Little Bourke St. Melbourne, Australiaand had more than 1,003,082 visitors and 3,052,017 hits when updated on Sun 23 April 2017.