The CEFC delivered a strong performance in 2020–21, achieving or exceeding key strategic goals while maintaining its commercially rigorous approach to investment and risk matters.
The CEFC Board, as the accountable authority of the Clean Energy Finance Corporation, presents the 2020–21 Annual Performance Statements, as required under paragraph 39(1)(a) of the PGPA Act.
In our opinion, this Annual Performance Statement is based on properly maintained records, accurately reflects the performance of the CEFC and complies with subsection 39(2) of the PGPA Act.
The object of the CEFC, as set out in the CEFC Act is “to facilitate increased flows of finance into the clean energy sector”. Ultimately, this objective is achieved through investing alongside the private sector in eligible renewable energy, energy efficiency and low emissions technologies, businesses and projects.
The CEFC delivered a strong performance in 2020–21, achieving or exceeding key strategic goals while maintaining its commercially rigorous approach to investment and risk matters. In a year of continued disruption caused by the COVID-19 pandemic, the CEFC further demonstrated its role as a catalyst for investment into emissions reduction initiatives, with a specific focus on addressing the main sources of emissions in the Australian economy. CEFC investment commitments also reflected government policy objectives, including those reflected in Investment Mandate Directions to the CEFC, and the Australian Government Technology Investment Roadmap.
The CEFC non-executive Board and its non-executive sub-committees monitor the performance of the CEFC throughout the year, in addition to conducting a full-year performance evaluation. For the 2020–21 year, the Board-approved Corporate Plan detailed five specific strategic objectives for the CEFC, and the associated activities required to deliver against these. The Board-approved annual performance measures reflect our broader mission to accelerate investment in Australia’s transition to net zero emissions.
Taking into consideration our longer-term strategic framework, the measures include private sector leverage, our focus on attracting first-time clean energy investors, growing the scale of investment in the clean energy sector and increasing emissions abatement through our transactions. We also seek to maintain our leadership position in the clean energy sector through widespread knowledge sharing and positive engagement with our broad range of stakeholders.
The 2020–21 performance was measured against the performance targets established in the 2020–21 CEFC Corporate Plan, refer to page 16, and the relevant provisions of the 2020–21 Portfolio Budget Statements, refer to page 188.