The Albanese Government is building Australia's Future providing an additional $2 billion to the Clean Energy Finance Corporation (CEFC) to support Australian households, workers and businesses capitalize on our natural resources and make the shift to cheaper, clean, reliable, renewable energy.
This new investment, provisioned for in MYEFO, means the CEFC can also offer significant savings for households and small businesses making the switch to renewable energy.
The innovation and investment supported by the CEFC helps deliver reliable, renewable, cost-saving technologies to Australian households and businesses, by unlocking an expected $6 billion of private investment from global and local organisations keen to capitalise on Australia's future energy ambitions.
Australia has the opportunity to become a renewable energy superpower, with the best resources in the world. We have unlimited potential to build a pathway to secure jobs and economic security for all Australians.
Labor's plan for a Future Made in Australia is very clear: we want Australian workers to make more things here.
This is what Building Australia's Future looks like and only a Labor Government will deliver it.
In 2024 the CEFC, the world's largest dedicated green bank, invested more than $4 billion in local projects unlocking around $12 billion in private investment that flowed through to regional areas, local Australian manufacturers and industry, and supported over 4000 jobs.
The CEFC has a major role in helping meet Australia's emissions reduction targets with its finance helping deliver projects that ensure Australia's overall emissions continue to decrease.
For example, the CEFC-backed Neoen Culcairn Solar Farm in NSW is expected to create more than 400 construction jobs, generate enough clean energy to power 160,000 homes and deliver local benefits to the region worth some $10 million over its lifetime.
CEFC finance is also helping deliver Collie Battery Stage 2 in WA, which is expected to deliver some 150 construction jobs to the region.
The CEFC works in partnership with retail banks and consumer bodies to help households and businesses to reduce emissions and lower power bills through delivering low cost loans.
Established by the Labor Government in 2012 and saved from abolition in 2014, the CEFC has investment commitment of close to $18 billion in more than 380 major transactions, delivering estimated lifetime emissions savings of more than 160 million tonnes, and seeing $5.4 billion of this capital already repaid.
While the Government has added specific funds to the CEFC such as Rewiring the Nation, the CEFC's general portfolio has not been recapitalised since it was first legislated in 2012.
The CEFC's investments are designed to deliver positive returns, as well as delivering energy savings and emissions reduction.
Today's announcement builds on the Albanese Labor Government's announcement earlier this week of a record $2 billion investment in the Australian-made aluminium industry, securing more well-paid jobs for Australian workers in our regions and suburbs.
Quotes attributable to Prime Minister Anthony Albanese:
"Labor's plan for a Future Made in Australia is very clear: we want Australia to make more things here.
"This boost to the Clean Energy Finance Corporation is expected to unlock around $6 billion worth of private sector investment, supporting local good well-paid jobs, energy security and economic growth.
"We are building Australia's future, not taking Australia backwards."
Quotes attributable to the Minister for Climate Change and Energy Chris Bowen:
"The world is shifting to net zero. That means there are big opportunities and big benefits for Australia, so long as it acts now to make the most of demand for clean energy and inputs globally.
"We're getting on with the changes needed to make the most of Australia's natural comparative advantage, having some of the best sun, wind, and critical mineral resources in the world.
"Meanwhile Peter Dutton's only answer to how he'd make things better is to throw this opportunity away, cancel the programs and the projects that are working to make Australia better right now, and wait 20 years to build the world's most expensive form of power. It's madness."
