Senate Environment and Communications Legislation Committee, , 6:29:29 to 6:31:53
New CEFC CEO Paul McCartney provides an opening statement highlighting record investment commitments and the progress of the Rewiring the Nation program.
Topics: Renewable energy, Efficiency dividend
Speakers: Speaker 27, Varun Ghosh, Unknown Speaker
officers from the Clean Energy Finance Corporation uh including Mr. Paul McCartney, the CEO. Um Mr. McCartney, do you have an opening statement?
>> I do. Thank you, Chief.
>> Uh thank you. uh if you would like to make a short opening statement and then table it after that that would be
>> Thank you very much. So I thank the committee for the opportunity for providing a short opening statement. As you know my name is Paul McCartney. I'm the new chief executive officer for the CFC. It's my first appearance. Um I've been with the CFC for over 13 years. Uh and was most recently the CIO for the $19 billion rewiring the nation program to help modernize our grid. Over that time, I oversaw over10 billion dollars of commitments under that fund. I also want to recognize my predecessor, Ian Limont, uh, who led the CFC through a stage of remarkable growth and This is an incredibly important time as we lay the foundations for our energy I view the energy transition underway not just as an emissions story, but also about the important reforms and economic advantages of adopting more modern and productive technologies to help ensure Australia's future energy competitiveness and resilience. Having worked at the CFC for as long as I have, I can state we've built an extraordinary team of professionals delivering it on behalf of the Australian government and the Australian people, of which I'm very proud. I'm determined to ensure CFC continues to think ahead of the curve and be ready I'd just like to highlight three achievements in our annual report that was uh published just last week. So last year we had a record $9.1 billion in investment commitments with a total project B of $9.6 billion. Our investments are creating real benefits for Australians. An example is the concessional finance program for Marinus League which is expected to deliver 900 million in savings to Tasmanian and Victorian energy consumers reducing the impact of transmission related costs by about 45% than what they would have otherwise been. Our lifetime commitments for CFC are now a bit over 27 billion and we've delivered over $104 billion in project value for Australians. Thank you for your time and I welcome questions from the committee.
Thank you very much, Mr. McCartney. I go