Yesterday the City signed an Environmental Upgrade Agreement (EUA) to help fund an energy efficiency upgrade for the Anglican Church's St James Hall building on Phillip Street.
The $700,000 agreement will help fund energy-efficient lighting, air conditioning and building management system upgrades, and ultimately reduce the building's energy use by approximately 30 per cent.
An EUA is a voluntary agreement between a building owner (the Anglican Church), a finance provider (Eureka Funds Management) and a local council (City of Sydney), made possible by changes to the Local Government Act in 2011 that encourage building upgrades.
EUAs help building owners take advantage of affordable, long-term financing options to install up to date, quality technology and improve building performance.
It's encouraging to see the Anglican Church has taken advantage of these innovative financing mechanisms to improve the building's energy efficiency and reduce emissions.
Work on the upgrade for St James Hall, which is tenanted by barrister's chambers, will begin in the next few weeks and is due to finish by October.
The environmental upgrade agreements are part of the City's commitment to reduce carbon pollution across the local government area by 70 per cent, based on 2006 levels. This is one of the most ambitious targets of any Australian government.
The City's first environmental upgrade agreement was signed with Eureka and Frasers Property last year to install a trigeneration plant at the Broadway development. The historic $26.5 million agreement made way for the plant to supply low-carbon thermal energy to around 4,000 Central Park residents.
I hope to see many more building owners access Environmental Upgrade Agreements to continue to deliver great results for our city.