The AWU strongly endorses the extra $2 billion the Federal Labor Government poured into the Clean Energy Finance Corporation (CEFC), so it can keep funding solar farms, mega-batteries and other renewable energy projects around Australia.
The CEFC is the world's largest dedicated green bank lending funds to mums & dads, workers and businesses to help them make the shift to cheap, clean, reliable, renewable energy.
For example, the CEFC-backed Neoen Culcairn Solar Farm in NSW is expected to create more than 400 construction jobs, generate enough energy to power 160,000 homes and deliver local benefits to the region worth some $10 million.
CEFC finance is also helping deliver Collie Battery Stage 2 in WA, which is expected to deliver some 150 construction jobs to the region.
As well as funding huge renewable energy projects, 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.
The CEFC's investments are designed to deliver positive returns, as well as delivering energy savings and emissions reduction.
Australia has the opportunity to become a renewable energy superpower, with the best resources in the world.
But until today the CEFC has not had any fresh cash added to it since it was created in 2012.
In 2024, the CEFC invested more than $4 billion in local projects, unlocking around $12 billion in private investment that flowed through to regional areas and local Australian manufacturers - 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 keep decreasing.
Established by the Labor Government in 2012, the CEFC has investment commitments 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.
This announcement builds on the Federal Labor Government's announcement on Monday of a record $2 billion investment in the Australian-made aluminium industry to help it harness renewable energy ensuring well-paid manufacturing jobs in our regions and suburbs.
AWU National Secretary Paul Farrow said the announcement showed the Labor Government was backing schemes with a proven track record of helping industry, working families and small businesses.
"Getting cash into the hands of the people creating the jobs of the future is a smart move, especially when they'll pay that back money back to our government so it can be used again to help Australian families and businesses," he said.
"Let's get on and build the solar and wind farms, batteries and poles and wires, which will bring renewable energy to power existing industries like aluminium refining, steel making and advanced manufacturing.
"We know renewable energy is the cheapest form of energy, so let's get it built so working families and Aussie businesses can enjoy those savings as soon as possible. It's an absolute no-brainer.
"The Labor Government knows what it's doing here. Let's get the finance right and get these renewable energy projects in the ground, so we can start reaping the rewards ASAP."
