Government funds an extra $2 billion in the CEFC
The Australian Government announced on Thursday it is providing an additional $2 billion to the Clean Energy Finance Corporation (CEFC).
The government says the innovation and investment supported by the CEFC helps deliver reliable, renewable, cost-saving technologies to Australian households and businesses.
“This boost to the Clean Energy Finance Corporation is expected to unlock around $6 billion worth of private sector investment, supporting local, good, well-paid jobs; energy security; and economic growth,” Prime Minister Anthony Albanese said.
In 2024 the CEFC invested more than $4 billion in local projects, unlocking around $12 billion in private investment that flowed through to regional areas, local Australian manufacturers and industry, and supported over 4000 jobs.
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 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,” said Minister for Climate Change and Energy Chris Bowen.
Established in 2012 and saved from abolition in 2014, 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.
The CEFC’s investments are designed to deliver positive returns, as well as delivering energy savings and emissions reduction.
The announcement was in addition to the government’s announcement earlier this week of a $2 billion investment in the Australian-made aluminium industry.
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