Clean Energy Finance Corporation
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| Industry | Clean Energy Investment |
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| Headquarters | Sydney, Australia |
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Key people
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CEO Ian Learmonth Chairperson Jillian Broadbent AO |
| Owner | Commonwealth of Australia |
| Website | www |
The Clean Energy Finance Corporation (CEFC) is an Australian Government-owned Green Bank that was established to facilitate increased flows of finance into the clean energy sector. The CEFC invests in accordance with its legislation, the Clean Energy Finance Corporation Act 2012 (CEFC Act) and the Clean Energy Finance Corporation Investment Mandate. The CEFC is a corporate Commonwealth entity under the Public Governance, Performance and Accountability Act 2013 (PGPA Act). The CEFC has access to funding of $10 billion comprising annual appropriations to the CEFC Special Account of $2 billion every 1 July from 2013 to 2017 inclusive, in accordance with section 46 of the CEFC Act.
The Australian Government's current CEFC Investment Mandate Direction ("Government Mandate") took effect on 10 January 2017. The Government Mandate gives guidance to the CEFC Board about how the CEFC's investment function should perform. The Investment Mandate and accompanying Explanatory Statement are tabled in Parliament and are available on the ComLaw. The response of the CEFC Board is published on the CEFC website: http://www.cleanenergyfinancecorp.com.au/
The CEFC is governed by an independent Board which has a statutory responsibility for decision-making, performance of the Corporation’s functions and managing the CEFC’s investments, and a Chief Executive Officer who is responsible for the day-to-day administration of the Corporation. A system of delegations exist to aid in the performance of these functions. The Board reports to Parliament through its Responsible Ministers.
The CEFC’s investment objectives are to catalyse and leverage an increased flow of funds for the commercialisation and deployment of Australian-based renewable energy, energy efficiency and low-emissions technologies. The CEFC achieves its objectives through the prudent application of capital, in adherence with its risk management framework, its Investment Mandate and the investment policies issued by the CEFC Board.
In March 2017, the CEFC Board announced Mr Ian Learmonth would become CEFC CEO, replacing inaugural CEO, Mr Oliver Yates. Mr Learmonth took up his role in May 2017. http://www.cleanenergyfinancecorp.com.au/media/files/cefc-board-appoints-ian-learmonth-as-new-chief-executive-officer-replacing-oliver-yates.aspx
The CEFC was established under the Clean Energy Finance Corporation Act 2012, passed by the Parliament of Australia on 22 July 2012. The CEFC was established on 3 August 2012. It commenced funding investments on 1 July 2013.
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