In a move that has surprised renewable energy advocates, Senator for Victoria John Madigan–who is better known for his strong opposition to wind energy–has backed the Clean Energy Finance Corporation.
The Clean Energy Finance Corporation was a key plank of the Clean Energy Future legislation negotiated by the Gillard government, the Australian Greens and independent members. The body was set up to stimulate private sector investment in Australia’s nascent renewable energy sector.
Last week, it was revealed that the Abbott government’s decision to scrap the CEFC would cost taxpayers. CEFC chair Jillian Broadbent says the fund delivers a $200 million return to taxpayers each year or $2.40 worth of profit for each tonne of carbon abatement.
Pollie Watch articles hold politicians to account when their arguments against renewable energy aren’t supported by the evidence. They also give politicians a pat-on-the-back when they stand up for renewable energy in Australia. In that spirit, Yes 2 Renewables are happy to post Senator Madigan’s excellent defense of the Clean Energy Finance Corporation below. Continue reading “Pollie Watch: Sen Madigan surprise supporter of Clean Energy Bank”
With industries such as manufacturing already facing the uncertain pressures of a globalised world, narrow minded pollies often like to use the Renewable Energy Target (RET) as a scapegoat over exploring more complex pressures on industry.
Today is a good news day for wind energy in Victoria. The Clean Energy Finance Corporation announced it will provide a $70 million loan to Pacific Hydro to complete the final stage of the Portland Wind Energy Project.
Reporting for the Sydney Morning Herald, Peter Hannam writes:
The $10 billion green investment bank, set to be scrapped by the incoming Coalition government, has issued a loan to Pacific Hydro to build the final stage of its Portland wind farm in what is likely to be among the bank’s final deals.
The project will create hundreds of jobs, increase market competition and provide enough clean energy to power 31,000 homes, according to Pacific Hydro.
The CEFC’s backing of the final stage of the Portland wind energy project is a welcome boost for Victoria’s wind energy sector. It will create jobs in the South West while cleaning up the state’s polluting energy sector. The ambitious Portland Wind Energy Project was approved by the Bracks Labor government and has been over a decade in the making.
The Greens have continued their national leadership on energy policy by announcing a Clean Energy Roadmap to get Australia to 100 percent renewables. The intervention is an attempt to spark a debate about energy policy in the lead up to the looming federal election.
In an opinion article published by RenewEconomy, Greens leader Senator Christine Milne makes the case for a national roadmap. Milne cites studies by the Australian Energy Market Operator and University of New South Wales which find it economically and feasible for the national grid to be powered entirely by renewable energy. Senator Milne makes her case:
“The cheapest way to decarbonise the electricity sector is to plan the transition early and build the right energy infrastructure in the right place at the right time. To avoid wasting time and money on investments that don’t adequately address climate change, we need a roadmap.”