Budget boosts CEFC's role in the net zero economy
The CEFC now has a role in the Australian Government’s Rewiring the Nation (RTN) infrastructure program thanks to a federal Budget capital allocation of $8.6 billion to CEFC for RTN-related investments, as part of the broader $20 billion RTN policy initiative.
Subject to parliamentary approval, the CEFC expects to draw on this new capital to invest in priority grid-related projects to fast-track the decarbonisation of the electricity sector and secure a strong and stable clean energy supply.
CEFC CEO Ian Learmonth said: “The CEFC has already played a significant part in Australia’s clean energy transition and this experience will be crucial to a successful push to net zero emissions.
“Transforming our electricity grid is one of the most important investments we can make as we transition to net zero emissions, providing a critical pathway to bringing low-cost renewable energy to consumers.
“As Australia steps up its ambitions to decarbonise, the CEFC will help deliver a 21st-century electricity grid, powered by clean energy and supported by the nation-building infrastructure that will enable it to thrive in the low-emissions future economy.
“The CEFC will also continue our important task of investing across the economy to cut emissions. In our first decade we made investment commitments of $10.76 billion, across some 265 large-scale transactions. After allowing for repayments and returns on our investment commitments we have access to $4.57 billion in investment capital from our initial $10 billion allocation, in addition to the ongoing returns from our investment commitments.”
The CEFC will lead the financial and investment aspects of RTN-related investments, working closely with the new Rewiring the Nation Office, AEMO and the Australian Energy Infrastructure Commissioner, which will lead on non-financial-related aspects.
Eligible RTN projects include large-scale transmission infrastructure, such as Tasmania’s Marinus Link and the Victoria-New South Wales Interconnector West (VNI-West), as well as energy storage, renewable energy zones and large-scale hydro storage assets. The CEFC has been closely involved in shaping the proposed investment structures in the Tasmanian and Victorian interconnector projects.
The Golden Plains Wind Farm in Southwest Victoria will be connected to the grid by AusNet —...
As part of the sustainable agenda for the FIFA World Cup preparation, LED streetlights from the...
The Climate Council has developed a ranking of some of the top-selling cars in Australia to find...