Joe Hockey
Joe Hockey

The Clean Energy Finance Corporation (CEFC), an investment fund set up under previous government to invest in renewable energy projects, has rejected a request from the Treasurer, Joe Hockey, to stop making new investments.

The new Government’s policy includes dismantling the Clean Energy Finance Corporation. The necessary legislation to do this is expected to be introduced later this year. In the meantime, the Treasurer has asked the CEFC to stop lending.

The CEFC has refused to comply, issuing a statement that “Until legislation is passed, the CEFC is required by law to fulfil its responsibilities under the legislative framework in which it operates. This includes performing our investment function and therefore we are continuing to progress investment proposals.”

The statement added that the CEFC expects to work cooperatively with the government to preserve the value of what’s been achieved so far.

To date, the CEFC has invested more than half a billion dollars and has attracted almost $1.5 billion in private sector investment to the low emission projects that it has supported.