CEFC identified a potential investment opportunity of between $3.5bn and $5bn over the next five years to generate energy from urban waste, agricultural waste and plantation forest residues.
Australia has the possibility to add 800MW of new bioenergy capacity in the period to 2020 by building new bioenergy and energy from waste projects.
The increase in bioenergy could eliminate close to 9 million tonnes of carbon emissions annually, potentially contributing to 12% of Australia’s national carbon abatement task to 2020.
CEFC already offered around A$150m ($106.7m) to bioenergy and energy from waste projects which has catalyzed a further A$280m ($199.3m) in private sector investment.
The bioenergy can provide baseload renewable electricity at high levels of availability, while reducing landfill waste and replacing waste disposal methods.
CEFC CEO Oliver Yates said that generating electricity and heat from bioenergy and waste resources is cost competitive with other new-built energy generation. However the technologies are not yet widely deployed in Australia.
"The CEFC sees important bioenergy opportunities across the economy, including in urban waste, intensive livestock and food processing, and plantation forest residues," added Yates.
Figures released by the report highlights that the sugar industry currently accounts for more than half Australia’s bioenergy output, with more than 400MW of installed capacity.
Image: The increase in bioenergy could eliminate close to 9 million tonnes of carbon emissions in Australia annually. Photo: courtesy of worradmu / FreeDigitalPhotos.net.
