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What is Clean Energy Finance Corporation mean?
The Clean Energy Finance Corporation (CEFC) is an Australian Government-owned Green Bank that was established to facilitate increased flows of finance into the clean energy sector.
The CEFC is responsible for investing $10 billion in clean energy projects on behalf of the Australian Government. Its mission is to help lower Australia's carbon emissions by investing in renewable energy, energy efficiency and low emissions technologies across the economy, via a range of finance options. The CEFC also supports innovative start-up companies through the Clean Energy Innovation Fund and is investing in the development of Australia’s hydrogen potential through the Advancing Hydrogen Fund. Across its portfolio, the CEFC invests to deliver a positive return for taxpayers.
The CEFC is also contributing to the Australian Government’s Technology Investment Roadmap by unlocking investment opportunities in new and emerging technologies outlined in the Roadmap.
In August 2020, legislation to create a Grid Reliability Fund (GRF) was introduced into the Australian Parliament. If passed, the GRF would add $1 billion to the CEFC investment capacity, to encourage investment to support the reliability of the electricity grid and improve affordability for energy users.
The CEFC is governed by an independent board which has a statutory responsibility for decision-making, performance of the Corporation's functions and managing the CEFC's investments, and a Chief Executive Officer who is responsible for the day-to-day administration of the Corporation. A system of delegations exist to aid in the performance of these functions. The Board reports to Parliament through its Responsible Ministers.
The CEFC investment objectives is to "catalyse and leverage" an increased flow of funds for the commercialisation and deployment of Australian-based renewable energy, energy efficiency and low-emissions technologies. The CEFC achieves its objectives through the prudent application of capital, in adherence with its risk management framework, its Investment Mandate and the investment policies issued by the CEFC Board.
referencePosted on 27 Sep 2024, this text provides information on Miscellaneous in Governmental related to Governmental. Please note that while accuracy is prioritized, the data presented might not be entirely correct or up-to-date. This information is offered for general knowledge and informational purposes only, and should not be considered as a substitute for professional advice.
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