Today the upper house of the Australian Parliament, the Senate, voted down the Liberal Party’s absurd proposal to disband the Clean Energy Finance Corporation.
This gave the Abbott Government it’s first potential ‘trigger’ for a Double Dissolution election, which it had been threatening to force since failing to win a majority in both houses at the election last year.
The CEFC provides a critically important function in enabling Renewable Energy projects to get off the ground in Australia, investing $536M in 2013 and enabling projects worth more than $2bn to go ahead. These projects will generate abatements in excess of 3.8M tonnes of carbon emissions per year. Additionally the CEFC is profitable business in it’s own right, with a 7% profit achieved in its first 3 reporting quarters.
There are no ‘savings’ to be made by abandoning the CEFC.