CEFC announces new CEO

The Clean Energy Finance Corporation has appointed Paul McCartney as Chief Executive Officer to lead the organisation for the next stage of Australia’s clean energy transition, effective 18 September.

McCartney is the CEFC’s current Chief Investment Officer, Rewiring the Nation, and a senior executive with more than 12 years at the CEFC and more than 35 years in finance, investment and commercial leadership.

He replaces Ian Learmonth, who was appointed in 2017.

“Under Ian’s outstanding leadership, the CEFC has expanded its impact and strengthened its role as a catalyst for private investment, delivering significant outcomes for Australia’s energy system, economy and emissions reduction efforts,” said CEFC Chair Steven Skala. “He took on a challenging role almost a decade ago, and has earned the respect of the Board, his peers, the wider market and indeed all associated with the CEFC.”

Learmonth said it had been a privilege to lead the CEFC through a period of transformation in Australia’s energy transition.

“The CEFC plays a unique role in working alongside the private sector to accelerate investment in the infrastructure, technologies and systems needed to deliver net zero. I am proud of the passion and commitment of the CEFC team round me, and the impact we have had in reducing emissions and building a more reliable, affordable and lower-emissions energy system. I am grateful for the strong support and guidance from the CEFC Board.”

McCartney has recently been responsible for delivering the complex $19 billion CEFC Rewiring the Nation policy, which is a central component of the government’s electricity grid modernisation program. He has led the CEFC’s emerging alternative fuels portfolio, the CEFC’s Western Australian businesses and has successfully originated and led some of the CEFC’s investments, including its largest single investment, Marinus Link.

“Widely respected within the CEFC, Paul has been a strong advocate for the CEFC’s role in accelerating investment, reducing barriers to capital and supporting the development of new clean energy markets,” Skala said. “The Board is confident that his experience, strategic insight and deep understanding of the CEFC mission positions him strongly to lead the organisation through its next phase of growth and impact.”

Image caption: Incoming CEFC CEO Paul McCartney. Image: Supplied