SENATE SEES SENSE ON CLEAN ENERGY FINANCE CORPORATION

Media Release.

Date:  10 December 2013

The Senate has today rejected the Abbott Government’s attempt to dismantle the Clean Energy Finance Corporation (CEFC).

“Despite Tony Abbott and Greg Hunt’s negative campaign, the Senate has seen the sense in ensuring the CEFC will continue to support innovative clean energy projects,” Shadow Minister for Environment, Climate Change and Water Mark Butler said

“The CEFC is driving new investment in clean energy technology, helping Australia reduce emissions and adding to the Budget bottom line.”

In its first year, the CEFC has invested $536 million in 39 projects, matched by $2.2 billion of private capital investment providing a return of 7.3 per cent to the Budget.

The 39 projects benefiting from CEFC investment will deliver more than four million tonnes of abatement per annum, contributing more than half of the existing emissions reduction target.

Despite widespread expert advice in support of the CEFC’s economic and environmental benefits, the Coalition is determined to scrap the CEFC as part of its plans to reverse Australia’s progress on climate change action.

“The Abbott Government is trying to run up the white flag on climate change,” Mr Butler said.

“There is not a single credible economist or expert who thinks their direct action plan is a good idea.

“Labor will continue to vote against the Coalition’s attempts to repeal the Clean Energy package until a credible climate change policy alternative is proposed.”