Friday, August 23, 2019

Green finance success?

I take it from this report that the Gillard established Clean Energy Finance Corporation might be sold into private hands means that it has been a success:
Private investment funds are circling Australia's Clean Energy Finance Corporation hoping for a sale of the $10 billion government-owned organisation, as its head flags a major shift in how taxpayer funds are used to support the booming industry.

In an interview that will spark debate over whether the fund should be privatised like its counterpart in Britain, CEFC chief executive Ian Learmonth said he would shift his focus to strengthening the grid's reliability because banks had become more comfortable financing large-scale wind and solar projects....

The CEFC was established under the Gillard government in 2012 to spur investment in the sector while it introduced a carbon pricing scheme. Touting Australia's clean-energy credentials to Pacific leaders, Prime Minister Scott Morrison last week called it "the world's most successful green bank"....

Mr Learmonth said as the utility solar and wind-power renewables market had matured, more private capital had flowed in. The CEFC earned $350 million last year from maturing loans, which have been written on a commercial basis allowing for a transfer to private entities if required.
I bet that Liberals were not predicting a success when it was established.  

1 comment:

GMB said...

Its not a success on any level until we can get the battery power to supplement the grid. The renewables are able to make money and still be holistically a nuisance.

One man can make a difference. And there is one fellow who is on the verge of solving this problem so that we can have all energy sources working at any time in perfect integration. This one fellow is the inventor and developer of liquid metal batteries. With two liquid metals separated by molten salts. Not one rare earth metal is needed in this story. Truly only this invention can make these renewables worthwhile.

We Australians need to have a workforce that are experts in working with molten salts.

https://www.youtube.com/watch?v=4hnE4Viq-LE