Trillions of dollars are needed to fund the climate transition, with both the private sector and governments required to contribute. Australia’s answer is the Clean Energy Finance Corporation (CEFC), the world’s largest green bank.
Established by the government in 2012 with an initial funding of A$10 billion ($6.5 billion), it was tasked with financing green projects and ambitious Australian climate startups at a time when large-scale investments in things like wind and solar were still 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 and, in June, received an extra A$20.5 billion to help the country meet its target of 82% renewables by 2030.
This week on Zero, Akshat Rathi sits down with CEFC chief executive officer, Ian Learmonth, to learn how this huge amount of money will be spent, why the CEFC had so many enemies early on, and what kind of innovative startups and clean-tech projects the organization is looking to fund.
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