Australian Government announces $1 billion boost for renewable energy green bank

• 5 years ago (2019-10-30)
• David Flin

Australasia 57 Renewables 780

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The Australian Government has announced that it is putting an additional $1 billion into its publicly-funded Clean Energy Finance Corporation (CEFC), the so-called “green bank” to invest in energy projects. The money will go into power generation, storage, and transmission projects, with the aim of providing clean and more affordable electricity.

This is the first new money for the CEFC since it was created with $10 billion in initial funding in 2013.

The new funding also covers the Government’s Underwriting New Generation Investments programme, which was announced in May 2019. Twelve projects have been short-listed under that programme.

Erwin Jackson, Director on Climate Change Policy for the Investor Group, said that the move would help modernise the electricity system. He said: “It’s a positive step towards unlocking private sector investment in new infrastructure that can support a zero-emissions, reliable, and low-cost electricity system.”