CEFC and the Future of Environmental Finance
The Clean Energy Finance Corporation (CEFC) represents the most aggressive environmental finance initiative sponsored by the Australian Government to date. The CEFC is an independent entity established as part of the Clean Energy Future Policy by the Australian government. As of March 2012, funding for the program totaled AUS $10 billion in government backed investments for the commercialization and deployment of clean energy technologies. This research will explore the CEFC and its role in the development and deployment of environmentally friendly energy sources and alternatives.
Governments around the world recognize the need for developing clean and renewable energy sources that reduce their environmental impact. The topic of global warning and climate change has increased the need for the development of less energy intensive and environmentally damaging energy sources. Although the role of human beings in these changes is a topic of debate, it is accepted that humans are doing more harm at least contributing to these climate changes (Department of Climate Change and Energy Efficiency, 2012). The need to invest in our future and ensure that ourselves and our children can live in a world that can support them is the key reason for interest in developing clean and renewable energy sources.
The need for the development of clean, alternative energy sources has been evident for many years. Research has focused on the development of renewable and clean energy sources. There are many technologies that are ready to deploy, but that face barriers to their deployment such as intensive capital investment, risk, and other practical concerns that have limited the adoption of renewable energy technology. The purpose of the CEFC is to reduce capital market barriers to the introduction of clean energy technology.
The CEFC targets three main areas. It targets the development and deployment of renewable energy and technologies that enable renewable energy sources to be utilized. It targets the development and deployment of low emission technologies and energy efficient products and services. The third area that the CEFC targets is the transformation of existing businesses to renewable and environmentally conscious energy alternatives (Institute for Industrial Productivity, 2012). The CEFC has chosen these three areas as their main target focus, as these are considered to be the main barriers to a renewable energy future. They have also been identified as the major hurdles to be overcome in the introduction of green technology for energy production. These three areas are considered the most critical barriers to the introduction of renewable energy sources.
The CEFC is more than just a funding stream that is dedicated only to the funding of Renewable Energy Products. The CEFC is not providing grants for Renewable Energy Products or research. This initiative by the Australian government is an investment upon which it intends to make a return in the future. The underlying theory is that the government will provide funding to private companies for the development and deployment of renewable energy sources. The Australian government intends to make a return on their investment through the collection of taxes and repayment of loans and the interest earned on them. The funding sources include private funding, which means that this program will also provide a boost to the Australian economy. As one can see, this program is expected to have many positive impacts on the Australian economy. The economy will boost the financial sector, create renewable energy jobs, and aid business growth in the renewable energy field.
The program will be operated by a partnership between experts in the banking, investment, and clean energy technology fields. The Australian government will oversee the program and will assure that the needs of all stakeholders are being addressed. Involving the government will assure that this new partnership achieves goals that will benefit Australian society as a whole....
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