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posted on:
November
27
2013

Clean Energy Finance Corp warns shutdown will hit budget

 
 

Source: abc.net.au, 27 November 2013


 


The Clean Energy Finance Corporation (CEFC) has warned that the Federal Government's plan to shut it down could cost the budget hundreds of millions of dollars.


The Corporation was set up by the previous government to invest up to $10 billion in renewable energy projects and to help attract private sector investment.


The Coalition wants to shut it down, but Labor and the Greens have vowed to use their numbers in the Senate to block the move.


CEFC chair Jillian Broadbent says the fund has so far invested $500 million, which will help cut greenhouse gas emissions.


She told a Senate hearing the fund's contribution could be very significant if it was allowed to invest the full $10 billion, while at the same time returning $200 million per annum to government coffers.


"This would contribute more than 50 per cent of the emissions abatement that's required for the bipartisan 2020 target," she said.


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