The World’s Biggest Green Bank Is Electrifying Australia
Australia wants to reach 82% renewables by 2030, and gave the CEFC A$20.5 billion to make it happen. “We’re up to the challenge,” says CEO Ian Learmonth.
Ian Learmonth, chief executive officer of Australia’s Clean Energy Finance Corporation.
Photographer: CEFC
Trillions of dollars are needed to fund the climate transition, including contributions from both governments and the private sector. Australia’s answer is the Clean Energy Finance Corporation (CEFC), which describes itself as the world’s largest green bank.
Established by the government in 2012 with initial funding of A$10 billion ($6.5 billion), the CEFC was tasked with financing green projects and startups at a time when large-scale investment in sectors like wind and solar was seen as too risky for most private banks. Despite early efforts by opposition parties to abolish the bank, over the past 10 years it has made itself an essential part of Australia's energy transition. In June, the CEFC received an additional A$20.5 billion to help the country meet its target of 82% renewable energy by 2030.