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Govt's $10 billion corporation to support clean energy
23/05/2012 - The federal government will introduce legislation on Wednesday to establish its $10 billion Clean Energy Finance Corporation (CEFC).
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The corporation, part of the government's carbon price package, will support renewable energy projects through loans, guarantees and equity investments.
It will be based in Sydney and is due to start operations in 2013/14.
The government has appointed Reserve Bank board member Jillian Broadbent to be the body's chair. Broadbent also advised Labor on the design of the corporation.
The Australian Conservation Foundation (ACF) says with $10 billion at its disposal the CEFC has the capacity to unlock up to $100 billion in private investment in clean energy over the coming decades.
"This level of investment is essential if we are to effectively address climate change," the foundation said in a media brief released on Tuesday.
But to be truly effective the Clean Energy Finance Corporation should not be constrained by the existing 20 per cent renewable energy target (RET), the ACF says.
The RET aims to ensure 20 per cent of Australia's electricity supply comes from renewable sources by 2020.
But the ACF says the scheme, perversely, limits large-scale clean energy investment to that 20 per cent level.
It wants the government to replace RET certificates generated under CEFC projects so they're essentially not counted towards the overall target.
Alternatively, the foundation says Labor should raise the target above 20 per cent to ensure the CEFC is "unfettered".
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