Multibillion-dollar environmental funding program previewed

A multibillion-dollar environmental funding program has been previewed at one of the largest ever gatherings in Australia of environmental experts.

More than 20 states and regional governments from around the world will be the beneficiaries of a multibillion-dollar ‘green bank’ being formed in cooperation with the United Nations Development Programme. The investment program will help to commercialise low carbon development around the world and will be formally announced in November in the USA.

Speaking at the OTEK SRR conference in Melbourne, Terry Tamminen - a leading environmental expert and former Chief Environmental Policy Adviser to California Governor Schwarzenegger - said that the new program would focus on providing funding for brownfield redevelopment projects as one way of reducing carbon pollution. Grants, loans and investments will also be made by the green bank in projects ranging from renewable energy to carbon sequestration.

Tamminen said, “Given the challenges facing national governments to effect real change following the Copenhagen Summit, the United Nations has focused efforts on regional governments, or ‘sub nations’ where they feel a significant environmental impact can be made.”

The green bank will invest in projects in sub nations in cooperation with the new R20 organisation, which will also formally launch in November. Governor Schwarzenegger announced the creation of R20 in Copenhagen last December in an effort to support the work of regional governments (thus, the ‘R’ in R20) to solve the climate change crisis, especially given setbacks at the national and international level. The make-up of the ‘R20’ group of sub nations will include state and provincial governments from North America, Africa, Asia, South America and Europe. Discussions are also underway with Australian states. Details will be announced at the Governors Global Climate Summit 3 on 15-16 November 2010 in California.

Terry added, “This program will give a significant kickstart to projects aimed at redeveloping brownfield sites and tackling global warming issues. It is fitting to be able to preview this program at the OTEK SRR conference where we have one of the largest gatherings of environmental experts ever seen in Australia.”

The OTEK SRR conference, held in Melbourne on 2-3 September, is a practical forum for leading world experts from Australia, America and China to discuss brownfield redevelopment issues from perspectives including financial, legal, regulatory, insurance, governmental, environmental, infrastructure, redevelopment, innovative land use, technical and construction.

The conference website and detailed conference agenda can be found at www.srr-otek.com.au.