Why This Is Important
The Clean Energy Finance Corporation (CEFC) is Australia’s green investment bank. It was created to help grow Australia’s renewable energy sector and speed up our transition away from fossil fuels.
The CEFC has $10 billion in taxpayer funds to invest in renewable energy development. The CEFC’s current rules means it can’t invest in unproven coal emissions reduction technology, like carbon capture and storage.
Minister Frydenberg just introduced laws to make the CEFC’s $10 billion available to so-called 'clean coal' investments.
Under Tony Abbott, the Liberal government tried to dismantle the CEFC not once, but twice. Both times they failed.
Now, under Turnbull and Frydenberg, the government is trying to undermine Australia’s renewable energy industry by changing the CEFC’s rules of investment.
Renewable energy is booming. Economies around the world are rapidly transitioning their energy production from fossil fuels to renewables. Australia risks falling even further behind if more taxpayer funds are used to support the failing fossil fuel industry.