Federal green bank gets $2 billion top-up to seize “big opportunities”
Alex Mitchell
Jan 23, 2025
Policy & Planning
Australia’s bid to become a clean energy superpower is set to be backed by a massive funding boost to the green bank.
The Clean Energy Finance Corporation, which financially backs green projects, will receive a $2 billion top-up from the federal government as it continues to separate itself from the opposition’s nuclear push.
Federal ministers believe the extra funding should unlock $6 billion of private investment and help lower household energy prices.
“The world is shifting to net zero … there are big opportunities and big benefits for Australia, so long as it acts now to make the most of demand for clean energy and inputs globally,” Energy Minister Chris Bowen said.
“Meanwhile, (Opposition Leader) Peter Dutton’s only answer to how he’d make things better is to throw this opportunity away, cancel the programs and the projects that are working to make Australia better right now, and wait 20 years to build the world’s most expensive form of power.”
The Clean Energy Finance Corporation invested more then $4 billion in local projects in 2024 to facilitate $12 billion in private investment, which the government said supported more than 4000 jobs.
Since it was established in 2012, the corporation has invested nearly $18 billion for an estimated emissions savings of more than 160 million tonnes.
The announcement comes days after US president Donald Trump pulled his country out of the Paris climate agreement, vowed to halt new offshore wind farm approvals and signed orders speeding up drilling for fossil fuels.
Prime Minister Anthony Albanese said those moves presented an opportunity for Australia because it freed up investment in the local renewable energy scene.
The government’s renewable energy push contrasts with the opposition’s nuclear plan, which has been widely panned by the scientific community.
Opposition Leader Peter Dutton has been defending the $330 billion nuclear energy blueprint he announced to build seven reactors across five states, costing each of Australia’s 13.6 million taxpayers more than $24,200.
Analysis by the national science agency CSIRO and the Australian Energy Market Operator agreed nuclear energy generation would be up to twice as expensive as large-scale solar.
Source: AAP
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