ANNOUNCEMENT 24 Apr 2013In April 2013, the government of Australia announced a change in private-sector financial support.
NUMBER OF INTERVENTIONS
2013 CEFC press release
2015 CEFC press release
CEFC Mission Statement
CEFC information on ratio
On 24 April 2013, the Australian Clean Energy Finance Corporation (henceforth: CEFC) announced that it had received its investment mandate and would become operational starting 1 July 2013.
The company was established by the Australian government as part of the Clean Energy Future package, announced by Prime Minister Julie Gillard on 10 July 2011. Its main objective is to "increase the flow of funds into renewable energy, energy efficiency and low emissions technologies". CEFC shall receive from the government each year 2 billion AUD to invest.
The mission of the company is to "accelerate Australia's transformation towards a more competitive economy in a carbon constrained world, by acting as a catalyst to increase investment in emissions reduction". It provides strategically important projects with partial funding in order to attract private investors to finance the majority of the needed capital. The goal was to reach a ratio of 3:1 between private and CEFC funding. According to the company's website, a ratio of 2.2:1 has been reached by April 2016.
CEFC may invest not only in renewable energies directly but in their suppliers as well. However, until 1 July 2018, at least half of its portfolio shall consist of renewable energy technologies.
On 13 July 2015, CEFC announced in a press release that Australia's ministers responsible for the corporation have ordered it to stop investments in the wind industry. The company received the relevant letter from the ministers on 24 June 2015.
On 23 March 2016, the Prime Minister announced the Clean Energy Innovation Fund, which shall be jointly managed by CEFC and the Australian Renewable Energy Agency (cf. Related Measures).
A state measure in the GTA database is assessed solely in terms of theextent to which its implementation affects the extent of discriminationagainst foreign commercial interests. On this metric, the state aidproposed here is discriminatory.