CEFC committed AUD 4.7 billion in 2024–25, with lifetime clean energy investments reaching AUD 18.3 billion
AUD 3.5 billion was allocated to renewables and grid upgrades, including AUD 2.07 billion for a clean energy transmission project
It says that Australia needs more ongoing investment to expand renewables, storage, and cut emissions in hard-to-abate sectors
Australia’s Clean Energy Finance Corporation (CEFC) says it committed a record AUD 4.7 billion ($3.1 billion) in clean energy investments in the 12 months from July 1, 2024 to June 30, 2025, expanding its lifetime commitments to AUD 18.3 billion ($12 billion).
This includes its largest-ever investment of AUD 3.5 billion ($2.3 billion) for renewable energy projects and grid infrastructure, an amount that’s 2.5x more than the previous 12 months, it shared. Till the end of the reporting period, CEFC says it had committed AUD 11 billion ($7.2 billion) to renewable energy.
Among the investments committed is AUD 2.07 billion for the construction of a clean energy superhighway via HumeLink and the New South Wales element of VNI-West, out of the AUD 2.8 billion committed through the Rewiring the Nation (RTN) Fund during the 2024-25 period.
Among the clean energy projects it has supported with ‘discounted’ finance is banking group Westpac’s clean energy plan with AUD 160 million in August 2024 (see Asia Pacific PV News Snippets).
While the CEFC does not specify investments across various renewable energy categories, an August 2024 BloombergNEF report called for a $2.4 trillion investment for the country to meet its decarbonization targets. Australia will need to install 290 GW of wind and solar energy projects by 2050 to achieve its net-zero target (see Australia To Need 290 GW Wind & Solar To Achieve Net-Zero By 2050).
“Even with the considerable investment run rate of the past decade, Australia requires ongoing investment in renewables and long-duration storage, clean energy affordability for consumers and measures to cut emissions in ‘hard-to-abate’ sectors, including land, the built environment and transport,” said CEFC CEO Ian Learmonth.