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| Brisbane city (TheFifthEstate) |
An industry-led program called t3, has been developed by Incorp and Brisbane City Council’s sustainability agency CitySmart. It is a simplified Environmental Upgrade Agreement (EUA) process that gives building owners and tenants incentives to pursue energy efficiency upgrades, with both guaranteed a share in savings generated.
t3 operates on a cost recovery basis where building owners fully fund the upgrade but then receive 80 per cent of the operational savings over the term of a lease. Tenants have no capital outlay, but keep 20 percent of savings (though different splits can be negotiated). Carbon credits generated from projects are also donated to a chosen charity.
Initially, two institutions have signed up to t3: building owner Queensland Investment Corporation (QIC) and tenant Queensland Department of Housing and Public Works. The deal involves an upgrade of lighting from fluorescent to smart LED over two buildings at 111 George Street and neighbouring 33 Charlotte Street in Brisbane CBD. The plan is to add other energy efficiencies such as solar power and further improvements later.
If this t3 initiative is expanded it could deliver $100 million a year in savings to Australian businesses while cutting annual greenhouse gas emissions by 180,000 tonnes. Incorp works across many borders – Sydney, Melbourne, Brisbane, San Francisco, Seattle and Dubai. Maybe this is exactly the right company to help spread the idea.
Further reading:
Queensland leads on energy efficiency program that could save businesses $100m a year. TheFifthEstate, February 28, 2018.
Brisbane’s CitySmart and Incorp make EUAs look easy. TheFifthEstate, June 27, 2018.
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