The Clean Energy Finance Corporation (CEFC) invested a record A$3.5 billion ($2.29 billion) in renewable projects and grid upgrades in FY 2024–25.
The investment includes A$2.1 billion for a major new electricity transmission link on the east coast—part of a broader A$2.8 billion grid initiative.
CEFC’s commitment more than doubles the previous year’s, responding to calls for accelerated action to meet Australia’s 2030 and 2050 climate targets.
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 double its funding from the prior year.
The milestone reflects a broader A$4.7 billion total commitment by the CEFC last fiscal year, as the government-backed green bank scales up efforts to support the energy transition and address national emissions goals.
The largest component was a A$2.8 billion program to modernize and expand Australia’s national electricity grid. Of that, A$2.1 billion was allocated to constructing a new transmission link along the country’s east coast.
“Australia requires ongoing investment in renewables and long-duration storage, clean energy affordability for consumers and measures to cut emissions,” said CEFC CEO Ian Learmonth.
Australia, a top global per-capita carbon emitter due to its coal-reliant power sector, has pledged to close all coal-fired power stations by 2038 and generate 82% of its electricity from renewables by 2030. However, projections from Wood Mackenzie suggest the country is currently on track to reach just 58% by the end of the decade.
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The CEFC’s expanded investment mandate is designed to help close that gap. “Investment activity at this scale promises substantial economic and local employment benefits across Australia,” Learmonth said, “strengthening our economy for a net zero future while making critical progress towards decarbonization.”
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