2 November 2015
The Clean Energy Finance Corporation Annual Report for 2014-15 has been tabled in the Australian Senate, fulfilling an important part of the organisation’s transparency, information sharing and regulatory obligations. The report is also available online: annualreport2015.cleanenergyfinancecorp.com.au/
In her Chair’s Report, CEFC Chair Ms Jillian Broadbent AO discusses the CEFC’s second full year of operation, where the CEFC continued to play a positive role in catalysing private investment funds into the clean energy sector.
“It is important that Australia has a range of energy options for the future. Innovation and investment are vital to long-term productivity growth, broadly and particularly in energy,” Ms Broadbent said.
“Worldwide, the energy sector is undergoing a transition that will result in a diversity of cleaner and smarter technologies and more distributed generation. This presents opportunities and challenges for the Australian economy in our areas of natural competitive advantage, of which renewable energy and innovation are an integral part.”
Ms Broadbent added: “The CEFC continues to demonstrate its ability to contribute to the economic transition and diversity of Australia’s energy mix, and to effectively and collaboratively work with a diverse range of businesses and investors. Mobilisation of public and private sector investment (into renewable energy, energy efficiency and low emissions technologies) can provide important opportunities for economic growth and productivity in Australia.
“The CEFC is committed to continuing to play a valuable role helping Australia maximise economic opportunities for lowering emissions and contributing to our global competitiveness in a carbon constrained world, leveraging private sector skills and capital for public policy outcomes that strengthen the Australian economy.”
In the CEO’s Report, CEFC CEO Oliver Yates said progressive decarbonisation of the global economy remains firmly on the agenda and it is important this transition happens at the lowest cost possible.
“The CEFC is a rapidly maturing organisation with deep expertise in clean energy finance and technology. In many respects our work is still in its early stages. Some projects can take several years to reach financial close, but each new project sets a precedent and provides learning from which others benefit,” Mr Yates said.
“As the market evolves and develops, our task is to position ourselves in a rapidly changing market, ensuring that we remain focused on facilitating increased investment into clean energy in Australia and are ready to accelerate our activities as energy policies evolve.”
Mr Yates added: “In less than three full years of operation, the CEFC has made cumulative investment commitments of more than $1.4 billion, with a current portfolio of $1.2 billion of investment commitments at 30 June 2015. These investment commitments contribute to projects and programs with a total value of around $3.5 billion.
“The CEFC was established to address financial barriers which inhibit Australia’s take up of clean energy technologies and improvements in energy productivity, both of which generate long-term economic benefits for Australia. The CEFC is helping Australian businesses and the community transition to be economically, socially and environmentally prosperous in a low-carbon future.”
The CEFC Annual Report 2014-15 discusses the CEFC’s performance in the 12 months to June 30 2015. It includes information on the organisation’s approach to governance, structure and people, as well as its financial statements.