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Australian Government announces $1 billion boost for renewable energy green bank
- 5 years ago (2019-10-30)
- David Flin
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.
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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.”