The commercial and industrial building sector in Victoria is set to boost to its sustainability potential after the collaboration between the state government and the Sustainable Melbourne Fund was announced.

Mainly used to help implement Environmental Upgrade Agreements or EUAs, the end result of this collaboration includes reduced energy costs and emissions for a range of business and industrial customers.

State energy, environment and climate change minister Lily D’Ambrosio said, “This government-backed initiative will give businesses greater accessibility to the financing which funds energy efficiency programs and reduces energy costs.”

“We know that increasing energy costs are affecting Victorian businesses, and we are working closely with them to deliver more affordable, sustainable and reliable energy."

Sustainable Melbourne Fund chief executive Scott Bocskay said Victoria's 460,000 small-to-medium-sized enterprises, are "grappling with ways of finding capital to increase their energy productivity”.

He said the increase in the EUAs would deliver collective energy bill savings of up to $1 million a year, with CO2 emissions projected to be reduced by over 8500 tonnes a year, along with generating over 835,000 kilowatt-hours of renewable energy.”

“This directly boosts business profits, reduces power bills and delivers capital growth. As a result, it increases businesses’ economic resilience and improves energy productivity across the state,” said Bocskay.