13 December 2015

New CEFC investment mandate reflects strong support for renewables and innovation

 

I am delighted that the Turnbull Government has given the green light to focusing on emerging and innovative clean energy technologies under a new investment mandate for the Clean Energy Finance Corporation.

In July this year, I wrote to Finance Minister Mathias Corman seeking his consideration that emerging technologies in wind and small scale solar be included in the investment mandate.

The new mandate provides that the CEFC “… must include a focus on supporting emerging and innovative renewable technologies and energy efficiency, such as large scale solar, storage associated with large and small-scale solar, offshore wind technologies, and energy efficiency technologies for cities and the built environment.”

The new CEFC investment mandate reflects the Turnbull Government’s strong support for renewables and innovation.

I wish to thank Minister Corman and Environment Minister Greg Hunt to whom I made strong representations about expanding the investment mandate.

Locally, I believe our national Advanced Manufacturing Industry Growth Centre to be based at Deakin University Waurn Ponds can play a pivotal role in developing new clean energy technologies.  A key area of opportunity is developing further innovation in solar battery storage.

The mandate puts the CEFC’s focus on new and emerging renewables technologies, rather than supporting well established technologies which are financially viable without government support.

This directly reflects and honours the agreement made with crossbenchers during negotiations to secure passage of changes to the Renewable Energy Target.    The RET will see more than 23.5 per cent of Australia’s electricity coming from renewable sources by 2020 – a doubling of large-scale renewable energy generation over the next five years.

13 December 2015