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Albanese’s $2 billion boost to power Australia’s renewable energy future

It is expected to unlock $6 billion in private investment, driving innovation and supporting Australia’s ambitions to become a renewable energy superpower.

The Albanese Government has announced a $2 billion investment in the Clean Energy Finance Corporation (CEFC) to help Australian households, businesses, and workers transition to cheaper, cleaner, and more reliable renewable energy.

This funding, included in the Mid-Year Economic and Fiscal Outlook (MYEFO), will enable the CEFC to offer substantial savings to households and small businesses adopting renewable energy solutions. It is expected to unlock $6 billion in private investment, driving innovation and supporting Australia’s ambitions to become a renewable energy superpower.

With world-class solar, wind, and mineral resources, Australia is uniquely positioned to lead the global shift towards clean energy. The CEFC’s investments are designed not only to reduce emissions but also to deliver energy savings and create jobs.

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In 2024 alone, the CEFC, the world’s largest green bank, invested over $4 billion in local projects, generating $12 billion in private investment. These initiatives supported more than 4,000 jobs, particularly in regional areas, while benefiting local manufacturers and industries.

For example, the CEFC-backed Neoen Culcairn Solar Farm in New South Wales is set to create over 400 construction jobs, generate enough energy to power 160,000 homes, and deliver $10 million in local benefits over its lifetime. Similarly, the Collie Battery Stage 2 in Western Australia is expected to create 150 construction jobs.

Since its establishment by Labor in 2012, the CEFC has committed close to $18 billion to over 380 major transactions, delivering lifetime emissions savings exceeding 160 million tonnes. More than $5.4 billion of its capital has already been repaid.

Prime Minister Anthony Albanese highlighted the importance of CEFC’s role in delivering a “Future Made in Australia,” stating, “This boost to the Clean Energy Finance Corporation is expected to unlock around $6 billion worth of private sector investment, supporting local, well-paid jobs, energy security, and economic growth. We are building Australia’s future, not taking it backwards.”

Minister for Climate Change and Energy Chris Bowen echoed this vision: “Australia’s natural resources position us to lead the global clean energy transition. The CEFC ensures we capitalise on this opportunity while reducing emissions and securing economic growth.”

This announcement follows the government’s recent $2 billion investment in the Australian-made aluminium industry, further underscoring Labor’s commitment to creating jobs and fostering economic growth through sustainable initiatives.

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As Australia races towards its emissions reduction targets, the CEFC’s expanded role will be pivotal in ensuring a clean, secure, and prosperous energy future.

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