17 Apr 2012
The clean energy industry today welcomed the report on the Clean Energy Finance Corporation delivered to the Federal Government by the independent Expert Review Panel led by Reserve Bank Board Member Jillian Broadbent. Clean Energy Council acting Chief Executive Kane Thornton congratulated the panel on recognising the importance of developing our clean energy future, to insure Australia against rising energy prices in years to come."Australia has some of the best renewable energy resources in the world. Taking advantage of those through the CEFC can attract a massive amount of investment into clean energy and develop a range of technologies that will enable us to deliver low cost clean energy in a carbon-constrained world", Mr Thornton said. "We are encouraged by the review's understanding of the challenges our industry must overcome to develop new clean energy technologies such as wave energy, geothermal and large scale solar power.
"The report reveals a strong understanding of the complexities involved in providing support for new technologies, while not distorting the existing markets for proven clean energy sources like wind, solar and hydroelectric. The panel's recognition of the need for the CEFC to work in tandem with the Renewable Energy Target and a carbon price reflect a mature understanding of Australia's energy landscape. "The recognition that flexibility is required in assessing funding opportunities on a case-by-case basis is particularly important, as well as the independence from government that will ensure only the best projects receive investment support.
"This includes remaining open minded about investments in transmission, energy storage and the potential to aggregate smaller-including community owned-clean energy projects", he said. Mr Thornton said there had not been any form of electricity generation technology developed in Australia without significant government support. "The current challenge of developing new forms of energy technology is not unique to the clean energy sector, and other technologies such as coal and gas generation have enjoyed decades of public support to get to where they are today", said Mr Thornton. "Some level of government support is warranted when long-term investments requiring large amounts of capital are needed to kick-start promising first-of-kind technologies.
"Investment in an institution like the CEFC is all the more worthwhile given the risk to our economy if we put all our faith in fossil fuel-based technologies whose costs are increasing. The CEFC will help rapidly bring down the costs of the next generation of clean energy technologies for all energy users". The Clean Energy Council is now calling for the Australian Parliament to legislate the CEFC as a matter of urgency to allow the industry and investors to get on with the job of transforming Australia's electricity sector.
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