Victorian Environment and Climate Change Minister Ryan Smith said that the funding would help businesses to investigate innovative solutions for managing hazardous waste by reducing the volume of waste being produced from processes, finding ways to re-use waste or store it more cheaply and effectively.

Types of projects that may be funded include converting combustible gases for use as an energy source, recycling of liquid contaminants, managing contaminated soils and recovery and reuse of water based paints as an additive in concrete manufacturing.