Australian PM Allocates More Funds for Green Bank
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Synopsis
Australian Prime Minister Anthony Albanese has unveiled additional funding for the Clean Energy Finance Corporation to stimulate investments in clean energy initiatives, unlocking billions in private sector funding for decarbonisation projects and promoting job creation, economic growth, and energy security.
Key Takeaways
- Additional 2 billion AUD funding for CEFC.
- Expected to generate 6 billion AUD in private investments.
- CEFC recognized as the world's largest green bank.
- Over 160 million tons of emissions savings.
- Upcoming election highlights climate policies.
Canberra, Jan 23 (NationPress) Australia's Prime Minister Anthony Albanese has revealed additional funding for the nation's green bank, aimed at enhancing investments in clean energy initiatives.
Albanese and Chris Bowen, the minister for climate change and energy, announced on Thursday that the federal government has allocated an additional 2 billion Australian dollars ($1.25 billion) to the Clean Energy Finance Corporation (CEFC), as reported by Xinhua news agency.
In a joint statement, they indicated that this new investment is expected to unlock around 6 billion AUD ($3.76 billion) in private sector funding for decarbonisation projects, thereby supporting jobs, promoting economic growth, and enhancing energy security.
"We are constructing Australia's future, not regressing," Albanese stated.
The CEFC was established in 2012 with an initial funding of 10 billion AUD ($6.27 billion) to invest in decarbonisation opportunities across the economy on behalf of the government.
According to the government, it is recognized as the world's largest dedicated green bank.
Bowen remarked that there are "significant opportunities and advantages" for Australia in the global green energy transition, provided the country takes prompt action.
"We are moving forward with the necessary changes to capitalize on Australia's natural comparative advantage, which includes some of the finest sun, wind, and critical mineral resources globally," he noted.
The investments made by the CEFC have resulted in an estimated savings of over 160 million tons in greenhouse gas emissions.
This funding announcement comes amid Albanese's ongoing pre-election campaign efforts.
Australia's upcoming general election, where climate change and energy policies are anticipated to be pivotal topics, must take place by May.
