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16 February 2022
On behalf of the Australian Government, Clean Energy Finance Corporation has unveiled a $300 million program to encourage mass timber building across the building sector.
Property developers and commercial landlords, who use mass timber in the construction of commercial, public or multi-residential buildings, may be able to access finance from $20 million to $75 million. This is decided on a case-by-case basis, depending on the project.
The eligibility guidelines are as follows:
Timber helps to reduce the amount of embodied carbon, which is detrimental to the environment and a big problem in the construction industryâ€™s eco-footprint.
CEO of Master Builders Australia Denita Warn welcomed the announcement, saying that the new program would help bring down the cost of construction, develop local capacity in low-carbon timber product manufacturing and promote sustainable building.