Australian PM commits additional funding for nation’s green bank

Canberra, Jan 23 (IANS/GURPUNEET SIDHU) Australia’s Prime Minister Anthony Albanese has announced extra funding for the nation’s green bank to boost investment in clean energy projects.

Albanese and Chris Bowen, minister for climate change and energy, said on Thursday that the federal government has directed an extra 2 billion Australian dollars ($1.25 billion) to the Clean Energy Finance Corporation (CEFC), Xinhua news agency reported.

They said in a joint statement that the additional investment would unlock an estimated 6 billion AUD ($3.76 billion) worth of private sector investment in decarbonisation projects, supporting jobs, economic growth and energy security.

“We are building Australia’s future, not taking Australia backward,” Albanese said.

The CEFC was established in 2012 with an initial 10 billion AUD ($6.27 billion) in funding to invest in economy-wide decarbonisation opportunities on behalf of the government.

According to the government, it is the world’s largest dedicated green bank.

Bowen said on Thursday that there are “big opportunities and big benefits” for Australia in the global green energy transition so long as the country acts immediately.

“We’re getting on with the changes needed to make the most of Australia’s natural comparative advantage, having some of the best sun, wind, and critical mineral resources in the world,” he said.

The CEFC’s investments have delivered estimated greenhouse gas emissions savings of over 160 million tons.

The new funding announcement was made as part of an ongoing pre-election campaign blitz from Albanese.

Australia’s general election, in which climate change and energy policies are expected to be key issues, must be held by May.