It aims to help transform the Australian energy grid, as well as supporting sustainable housing initiatives, and climate tech innovators.
[6] Prime Minister Malcolm Turnbull lifted the ban in 2015, reportedly directing the CEFC to focus on innovative and emerging technologies, reversing the position of his predecessor Abbott.
Minister for Climate Change and Energy Chris Bowen, described the CEFC as "the proud legacy of Labor in government" and said it would be essential in order to achieve of Australia's net zero emissions ambitions.
[11] Chairman Steven Skala noted in a 2022 address at Parliament House, Canberra that the CEFC enjoyed political support, observing that the cornerstone of a strong economy was stable and affordable energy.
It is also focused on transforming the Australian energy grid, backing sustainable housing and supporting the growth of climate tech innovators.
[22] It is obliged to operate in a way that delivers a positive return for taxpayers across its portfolio, and publishes quarterly reports on its website about its investment commitments.
With a total capital allocation of $9.5 billion for the General Portfolio, the Investment Mandate requires the Board to focus on clean energy technologies, and financial products and structures to support Australia’s greenhouse gas emissions reduction targets.
Economy-wide investment commitments include renewable energy generation and storage, property, infrastructure, natural capital, electric vehicles, small‑scale asset finance and green/sustainability linked loans.
[25] In delivering on these objectives, the CEFC is working closely with governments, network operators and market participants to develop financing options for priority grid transformation projects.
As fossil fuels rapidly disappear from our generation mix, the RTN Fund is focused on ensuring priority grid and transmission infrastructure is reinforced and strengthened to absorb increased output from our massive solar and wind resources.
While newly constructed dwellings on vacant land are not eligible for HEUF finance, the Fund can support knock-down-and-rebuild projects where there is a substantial improvement to the energy performance of the prior residential property.
The scope of eligible technologies also helps extend the relevance of HEUF finance to a broad range of households, recognising that existing dwellings will have specific sustainability needs.
Follow-on commitments saw PATF capital allocated to continue to support the growth of portfolio companies in which the CEFC had previously invested via the Clean Energy Innovation Fund.
[28] The CEFC Investment Mandate requires the Board to make available up to $300 million in concessional finance to support the growth of a clean, innovative, safe and competitive Australian renewable hydrogen industry.
At the end of the 2023–24 reporting year, Virescent Ventures was managing more than $230 million in CEFC capital across 32 climate tech businesses, funds and innovators.
Fund ll will invest across the key areas of clean energy transition, food and agriculture, mobility and smart cities, and circular economy and industry, as well as exploring opportunities in climate resilience and adaptation.