The Federal Government has announced a $2 billion increase in funding for the Clean Energy Finance Corporation (CEFC).

As part of the broader “Future Made in Australia” economic strategy, Prime Minister Anthony Albanese says the new funding will unlock $6 billion in private investment and generate employment opportunities.

The CEFC - the world’s largest dedicated green bank - has not had its general portfolio recapitalised since its establishment in 2012. 

The additional funding, earmarked in December’s Mid-Year Economic and Fiscal Outlook (MYEFO), will allow the CEFC to expand its offerings, including providing cost-saving opportunities for households and small businesses transitioning to renewable energy sources.

Prime Minister Albanese says the funding is critical to supporting Australian households and businesses in shifting to “cheaper, clean, reliable, renewable energy”. 

Climate Change and Energy Minister Chris Bowen added that the investment aligns with global moves towards net-zero emissions. 

“The world is shifting to net zero. That means there are big opportunities and benefits for Australia, so long as it acts now to make the most of demand for clean energy and inputs globally,” Bowen stated.

In 2024, the CEFC invested over $4 billion in Australian projects, facilitating $12 billion in private investment, creating more than 4,000 jobs, and delivering significant local benefits.

Examples include the Neoen Culcairn Solar Farm in New South Wales, which is expected to power 160,000 homes and contribute $10 million in regional benefits over its lifetime, and the Collie Battery Stage 2 project in Western Australia.

The CEFC’s overall impact since its inception includes investment commitments exceeding $18 billion in over 380 major transactions, lifetime emissions savings of over 160 million tonnes, and $5.4 billion in repaid capital.

Meanwhile, Opposition Leader Peter Dutton continues advocating for nuclear energy as part of the mix. 

He has proposed the development of seven nuclear power stations, arguing that renewable energy sources alone are insufficient to meet Australia’s future energy needs. 

Recent stats have shown that 35 per cent of Australia's total annual electricity generation comes from renewable sources.

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