< Back to News Archive

posted on:

$10 billion in clean energy funding available


Funding applications for the $10billion Clean Energy Finance Corporation (CEFC), are being received by the new chief executive, Oliver Yates.

The first release of $2billion in funding is available during 2013-2014. The CEFC forms part of the Clean Energy Future program and is intended to invest in clean energy. It is intended to act as an adjunct to the Renewable Energy Target (RET) and the carbon pricing mechanism. It enables emerging clean technologies to fully commercialize and deploy their potential energy generation or energy efficiencies and it is predicted that the funds will be split between the two.

The carbon pricing mechanism aims to penalize the release of greenhouse gases into the atmosphere and incentivize its abatement; the RET provides funding in the form of liquid certificates for energy generated from clean sources such as wind and solar; the CEFC in turn provides funding for technologies before they are in the position to produce energy or abate it.

If the Coalition is elected in 20013, the CEFC looks like going the way of the carbon pricing mechanism, who have labeled it a ‘slush fund’ and vowed to cut its funding.