Clean Energy Finance Corporation: policy tracker

This policy tracker is a resource for anyone interested in the development and progress of the newly forming Clean Energy Finance Corporation (CEFC). We will regularly post updates with news and information about the development of the CEFC, the different players involved, and 100% Renewable's perspectives and activities around the CEFC's role in helping us build big solar in Australia.

Links:

Background:

The $10 billion Clean Energy Finance Corporation (CEFC) was announced as part of the Clean Energy Future package. This Corporation has the potential to leverage up to $100 billion of private investment in new renewable energy projects - including big solar projects - across Australia.

At the end of 2011 however, the CEFC is not yet legislated and the Coalition has been on the attack warning renewable energy investors that it will repeal the funds and not to proceed with new investments.

Our goal:

The 100% Renewable energy campaign would like to see the CEFC:

  • Legislated by April 2012 with a well credentialled board made up of people with experience in finance, innovation and renewable energy
  • Announce 2000MW of big solar projects by the end of 2012, for delivery by end of 2015
  • Support renewable energy projects only (no gas), and the development of community renewable energy projects

Additionally, the campaign will be working to ensure bi-partisan support for the CEFC. Claims by the Coalition that it support the renewable energy sector are undermined by its position on the CEFC which creates substantial industry and investment uncertainty.

The result:

  • CEFC legislated on June 2012. Board members yet to be announced.
  • At least 50% of the fund (ie. $5 billion over 5 years) will go to renewable projects.
  • Conventional gas-fired plants are excluded, however 'hybrid' plants that combine renewables with fossil fuel may be supported. Co-gen and tri-gen plants may also be supported.
  • Community-owned renewable projects will be assisted at late financing stage.
  • No technology-specific targets were included in the CEFC's brief so there is no guarantee of a particular quantity of big solar capacity. We expect, however, that medium and large scale PV solar plants will be early applicants for the fund.

You can find a fuller discussion of the fund here.

Campaign updates and progress:

25 June 2012: CEFC is legislated by the parliament. Operations will commence on 1 July 2013.

21 June 2012: Senate Inquiry into CEFC concludes. See our submission here.

24 April 2012: Government accepts all recommendations made by the Expert Review Panel. Our response is here.

8 December 2011: Over 150  community submissions of big solar images were made to the CEFC Review Panel calling for the CEFC to build big solar, and the 100% Renewable campaign completed its own submission. Request for meeting with the CEFC panel was made again.

5 December 2011: Delegates from the 100% Renewable campaign met with Greg Hunt who confirmed Coalition will oppose CEFC.

11 November 2011: Delegates from the 100% Renewable campaign requested a meeting with the Clean Energy Finance Corporation panel. The Panel responded on 15 November saying "The Panel is planning to hold a series of meetings with stakeholders after submissions have been received and assessed. We will keep your organisation in mind for these meetings and encourage you to make a submission."

12 October 2011: Members and Terms of Reference for the CEFC Review Panel announced.

8 July 2011: Clean Energy Finance Corporation announced as part of the Clean Energy Future package.

Decision makers and influencers:

CEFC Review Panel
The CEFC review panel is currently consulting with industry and stakeholder to develop an implementation plan, investment and operating mandate and governance principles for the CEFC.  It will report its findings to government in mid-March 2012.

  • Ms Jillian Broadbent AO, review panel head.
  • Mr David Paradice, review panel member
  • Mr Ian Moore, review panel member

For details of the review panel members see here.

Government
The government, led by Treasury, is overseeing the implementation of the CEFC and is planning to legislate the CEFC in the 2012 Autumn parliamentary sitting, following the receipt of the review panel report.

  • Mr Wayne Swan, Treasurer
  • Ms Penny Wong, Finance Minister
  • Mr Martin Ferguson, Energy Minister
  • Mr Greg Combet, Climate Change Minister

Greens
The Greens negotiated the CEFC in the Clean Energy Future package and are working in parliament to ensure the legislation and implementation of the Corporation.

  • Christine Milne, Senator, Deputy Leader
  • Bob Brown, Senator, Leader

Coalition
The Coalition has stated its opposition to the CEFC and has indicated that if elected it will repeal the Corporation legislation and remove any funding granted. The position of the Opposition serves to create significant industry and investment uncertainty.

  • Mr Tony Abbott, leader of the Opposition.
  • Mr Joe Hockey, Shadow Treasurer. In October 2011 said 'We are warning people this is one of the things we will be repealing. They should not apply to or count on this entity for funding.'' Read more
  • Mr Andrew Robb, Shadow Finance Minister. In October said "This fund will be a honeypot to every white-shoe salesman imaginable and it will be controlled by Labor and Bob Brown" Read more
  • Mr Ian McFarlane, Shadow Energy Minister.
  • Mr Greg Hunt, Shadow Climate Change Minister. See his comments on the CEFC.

We will be working to improve this page over time so would love to hear any feedback or suggestions about how to make this a useful resource.

If you have information you would like to share with us regarding the development of the Clean Energy Finance Corporation please email infoat100percent [dot] org [dot] au.

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