CEFC's record investment in clean energy
The Clean Energy Finance Corporation (CEFC) committed $837 million to new investments in the Australian clean energy sector in the 2015–16 financial year, contributing to projects with a total value of $2.5 billion. As noted by the corporation’s CEO, Oliver Yates, this equates to more funds invested in a greater number and more diverse range of investments than in any other year.
“Across the economy, we are working to accelerate investment in renewable energy, increase energy efficiency in the manufacturing and transport sectors and improve energy standards in the built environment,” said Yates. “Our investments are delivering clean energy solutions to rural and regional Australia, as well as to our cities.”
In its third year of operation, the CEFC achieved a 73% year-on-year increase in the value of new investment commitments, including a substantial increase in the number of indirect investments and new capital products. Its investment commitments since inception have now reached $2.3 billion, contributing to projects with a total value of $5.7 billion.
The CEFC’s investment commitments in 2015–16 targeted three strategic priority areas:
- Cleaner power solutions ($110m, compared to $115m in 2014–15).
- Better cities and built environment ($217m, up from $125m).
- New sources of capital ($510m, up from $244m).
Broken down by technology type, its investments totalled $379m for renewable energy (up from $189m) and $458m for energy efficiency (up from $295m). Each dollar of investment commitments was matched by $1.95 from the private sector.
“Changes to the CEFC’s Investment Mandate have included new areas of focus in emerging and innovative technologies, with the creation of the Clean Energy Innovation Fund from 1 July 2016,” said Yates. “We anticipate further changes in 2016 to support investments to improve the health of the Great Barrier Reef and Australia’s cities.
“We look forward to continuing to work with all types of business, co-financiers and all levels of government to help tackle Australia’s significant emissions challenges, with practical, competitive and targeted financial solutions.”
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