RDA Tropical North are very pleased to now release the business case for investment in plastics recycling capacity in Far North Queensland (FNQ).
This document builds on a 2020 feasibility study that concluded that such an investment is likely to be economically and financially feasible, and provide net benefits to the community.
This business case and the earlier feasibility study were commissioned by Regional Development Australia Tropical North Inc. (RDATN).
The case for investment is supported by a range of strategic policy drivers. From a policy perspective, the federal, state and local governments have implemented policy to promote a circular economy, with a strong focus on reducing the use of unnecessary single use plastics, increasing the rate of plastics recycling, and increasing the use of recycled content in products and infrastructure. Underpinning these policy goals is an export ban on unprocessed plastics, which has coincided with a tightening of standards by export markets, and funding support to develop domestic recycling capacity.
The purpose of this business case was to build on the feasibility work conducted in 2020, by investigating the market’s capability and appetite to invest in the region, the potential solutions market participants are able to offer, additional data on the likely costs and benefits, and outline how such an investment could be funded and delivered.
A key action required to support the investment as indicated by the market participants was the development of a Circular Economy Strategy, including a policy position and action plan for plastic recycling in FNQ. As such, this business case outlines a delivery plan for the Project that includes the development of this strategy by RDATN.
The delivery plan also envisages a role for RDATN to support the Project to successfully integrate into and deliver benefits to the FNQ economy.