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Australia’s Clean Energy Finance Corporation (CEFC) has announced a record A$3.5 billion ($2.29 billion) investment in renewable energy and grid infrastructure for the 2024–25 financial year, more than doubling its commitment from the previous year.
🔌 Infrastructure and Grid Modernisation
- A$2.8 billion allocated to upgrade the national electricity grid
- A$2.1 billion earmarked for a new transmission link along the east coast, aimed at improving energy flow and reliability
🌱 Strategic Climate Goals
- The investment supports Australia’s pledge to:
- Close all coal-fired power stations by 2038
- Achieve 82% renewable electricity generation by 2030
- Current projections by Wood Mackenzie suggest Australia is on track to reach only 58% by 2030, highlighting the urgency for increased investment
💬 Leadership Insight
CEFC CEO Ian Learmonth emphasized the importance of sustained investment:
“Australia requires ongoing investment in renewables and long-duration storage, clean energy affordability for consumers and measures to cut emissions… strengthening our economy for a net zero future while making critical progress towards decarbonisation”
🌍 Continental Relevance
The CEFC’s expanded mandate and record-breaking funding reflect a broader trend across the African continent and Global South, where green finance institutions are scaling up efforts to meet climate targets, modernize infrastructure, and unlock economic opportunities through clean energy transitions.
Source: esgnews.com
