The federal government has announced an additional $2 billion investment in the Clean Energy Finance Corporation (CEFC) to support Australian households, workers and businesses capitalise make the shift to renewable energy.
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The innovation and investment supported by the CEFC helps deliver reliable, renewable, cost-saving technologies to Australian households and businesses, by unlocking an expected $6 billion of private investment from global and local organisations keen to capitalise on Australia’s future energy ambitions.
The CEFC has a major role in helping meet Australia’s emissions reduction targets with its finance helping deliver projects that ensure Australia’s overall emissions continue to decrease.
The CEFC works in partnership with retail banks and consumer bodies to help households and businesses to reduce emissions and lower power bills through delivering low cost loans.
The CEFC has investment commitment of close to $18 billion in more than 380 major transactions, delivering estimated lifetime emissions savings of more than 160 million tonnes, and seeing $5.4 billion of this capital already repaid.
While the government has added specific funds to the CEFC such as Rewiring the Nation, the CEFC’s general portfolio has not been recapitalised since it was first legislated in 2012.
Minister for Climate Change and Energy Chris Bowen said, “The world is shifting to net zero. That means there are big opportunities and big benefits for Australia, so long as it acts now to make the most of demand for clean energy and inputs globally.
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“We’re getting on with the changes needed to make the most of Australia’s natural comparative advantage, having some of the best sun, wind, and critical mineral resources in the world.”
