Australian PM commits additional funding for nation’s green bank

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, stated on Thursday that the federal government is directing an additional 2 billion Australian dollars ($1.25 billion) to the Clean Energy Finance Corporation (CEFC), according to Xinhua news agency.

They said in a joint statement that this new investment would unlock an estimated 6 billion AUD ($3.76 billion) worth of private sector investment in decarbonisation projects, which would support 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.

The government claims the CEFC is the world’s largest dedicated green bank.

Bowen mentioned on Thursday that there are “big opportunities and big benefits” for Australia in the global green energy transition, provided 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 resulted in estimated greenhouse gas emissions savings of over 160 million tons.

This new funding announcement comes as part of an ongoing pre-election campaign from Albanese. Australia’s general election, where climate change and energy policies are expected to be central issues, must take place by May.