CEFC announces leadership transition as momentum builds toward 2030

23 July 2026

The Clean Energy Finance Corporation has announced the appointment of Paul McCartney as Chief Executive Officer to lead the organisation for the next stage of Australia’s clean energy transition, effective 18 September.

Mr McCartney is the CEFC’s current Chief Investment Officer, Rewiring the Nation, and a senior executive with more than 12 years at the CEFC and more than 35 years in finance, investment and commercial leadership.

He replaces Ian Learmonth, who was appointed in 2017. Mr Learmonth will support a smooth handover as the CEFC continues to scale its role in financing Australia’s energy transition.

CEFC Chair Steven Skala said Mr Learmonth had led the CEFC through a period of substantial growth, positioning it as a key player in the nation’s shift to a low‑emissions economy.

“Under Ian’s outstanding leadership, the CEFC has expanded its impact and strengthened its role as a catalyst for private investment, delivering significant outcomes for Australia’s energy system, economy and emissions reduction efforts,” Mr Skala said.

“He took on a challenging role almost a decade ago, and has earned the respect of the Board, his peers, the wider market and indeed all associated with the CEFC.”

In leading the Rewiring the Nation Fund, I have seen firsthand the complexity involved in delivering the policy outcomes that underpin the entire transition. I am confident in the CEFC team’s ability to rise to the many challenges of ensuring projects are delivered at the speed and cost required.

Paul McCartney

Incoming CEFC CEO

During Mr Learmonth’s tenure, the CEFC undertook an increasingly central role in Australia’s clean energy transition, with increased capital and an expanded remit, and having achieved new milestones in investment commitment, deployment and transaction value.

In this time the CEFC:

• celebrated 10 years of clean energy investment in 2022 and increased its available capital from $10 billion to more than $33 billion
• surpassed lifetime investment commitments of more than $24 billion to accelerate some 430 transactions with a project value of more than 98 billion¹
• became Australia’s leading climate tech investor through the Clean Energy Innovation Fund,  and spun out its first specialist fund manager, Virescent Ventures, growing the market for Venture Capital targeting climate tech in Australia, while retaining a substantial minority stake
• kicked off its first wholesale asset recycling program, with a $125 million commitment as the cornerstone investor in the Australian Ethical Growth Opportunities Fund
• created four new funding programs: the Household Energy Upgrades Fund, the Rewiring the Nation Fund, the Powering Australia Technology Fund and the Advancing Hydrogen Fund
• developed a comprehensive First Nations Investment Screening Approach, and invested in landmark First Nations projects including work with the Nari Nari Tribal Council to restore The Great Cumbung and with the Tiwi Plantations Corporation to back the First Nations-led plantation forestry project on the Tiwi Islands, and
• developed and then heightened its focus on small-scale asset finance, natural capital and alternative fuels.

Mr Learmonth said it had been a privilege to lead the CEFC through a period of transformation in Australia’s energy transition.

Mr Learmonth said: “The CEFC plays a unique role in working alongside the private sector to accelerate investment in the infrastructure, technologies and systems needed to deliver net zero. I am proud of the passion and commitment of the CEFC team round me, and the impact we have had in reducing emissions and building a more reliable, affordable and lower emissions energy system. I am grateful for the strong support and guidance from the CEFC Board.”

Most recently, incoming CEO Mr McCartney has been responsible for delivering the complex $19 billion CEFC Rewiring the Nation policy, which is a central component of the Government’s signature electricity grid modernisation program. He has led the CEFC’s emerging alternative fuels portfolio, the CEFC’s Western Australian businesses and has  successfully originated and led some of the CEFC’s most strategically significant investments, including its largest single investment, Marinus Link.

Mr Skala added: “Widely respected within the CEFC, Paul has been a strong advocate for the CEFC’s role in accelerating investment, reducing barriers to capital and supporting the development of new clean energy markets. The Board is confident that his experience, strategic insight and deep understanding of the CEFC mission positions him strongly to lead the organisation through its next phase of growth and impact.”

Mr McCartney said: “The CEFC is entering a critical phase of delivery to achieve on the Australian Government’s net zero ambitions and clean energy transformation. This is a decisive decade. The pace and scale of investment required to meet our 2030 renewable energy targets and 2050 net zero commitments is unprecedented.

“In leading the Rewiring the Nation Fund, I have seen firsthand the complexity involved in delivering the policy outcomes that underpin the entire transition. I am confident in the CEFC team’s ability to rise to the many challenges of ensuring projects are delivered at the speed and cost required.”