Episode #1 - Recorded on Jun 02, 2021
CORENA – How one dollar spent can fund emissions reduction projects multiple times
In previous articles, we’ve blogged about Revolving Energy Funds. These funds are a great mechanism to finance climate action strategies. They are a self-sustaining funding mechanism, which you start with seed capital that you invest in sustainability projects, such as energy efficiency, water conservation, or solar projects, for example.
The fund’s unique feature is that you return savings from sustainability projects back into the REF to finance the next round of investments. In this way, you can spend funds multiple times to drive emissions reduction, resource and cost savings.
For the first episode of the “Driving Net Profit with Zero Emissions” show, Barbara is interviewing Briony O’Shea, the Chair of Corena. Corena is a grass-root, donor-funded, not-for-profit organisation run by volunteers. The premise of the Corena model is a revolving fund to which supporters donate, and the provision of zero-interest loans to not-for-profit and community organisations to implement climate action projects.
To view or download this episode’s transcript, please click here.
About Briony O’Shea
Briony is a chemical engineer with a Master of Laws in International Law. She specialises in renewable energy and future fuels such as hydrogen and biogas to support the transition to a low-carbon future. She joined Corena in 2017 as a volunteer and took over the role of Chair in 2020.
Corena is a grass-root, donor-funded, not-for-profit organisation run by volunteers. The premise of the Corena model is a revolving fund to which supporters donate, and the provision of zero-interest loans to not-for-profit and community organisations to implement climate action projects. Examples of funded projects are installing solar panels, improving energy efficiency, switching away from fossil gas use, or purchasing electric vehicles.
To date, Corena has implemented over 40 projects Australia-wide, with most projects being solar PV installations and energy efficiency. Altogether, 663 kW of solar PV have been installed, generating over 1,800 MWh of renewable electricity. Corena has received donations of over $460,000, and because of the revolving nature of the fund, these donations have resulted in over $800,000 in loans given. They’re on track to exceed $1 million of loans given this year.
To find out more, have a read of our accompanying blog post here:
And if you want to donate or apply for a project loan with Corena, please visit the following: