Australia’s “green bank” has been bolstered to the tune of $2 billion, in a bid to unlock up to $6 billion in private investment in clean energy.
Prime Minister Anthony Albanese said the Clean Energy Finance Corporation (CEFC) would receive the extra investment, allowing it to better support households and businesses make the shift to renewable energy.
“This boost to the Clean Energy Finance Corporation is expected to unlock around $6 billion worth of private sector investment,” Prime Minister Albanese said.
He said global and local organisations were keen to capitalise on Australia’s future energy ambitions.
“Australia has the opportunity to become a renewable energy superpower, with the best resources in the world.
“in 2024 the CEFC, the world’s largest dedicated green bank, 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.”
Prime Minister Albanese said the CEFC had a major role in helping meet Australia’s emissions reduction targets with its finance helping deliver projects that ensured Australia’s overall emissions continued to decrease.
“For example, the CEFC-backed Neoen Culcairn Solar Farm in NSW is expected to create more than 400 construction jobs, generate enough clean energy to power 160,000 homes and deliver local benefits to the region worth some $10 million over its lifetime.”
He said the CEFC worked 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.
