Senate Foreign Affairs, Defence and Trade Legislation Committee [Part 2], , 3:02:57 to 3:06:42
Details on the Emerging Africa and Asia Infrastructure Fund and the strict restrictions on financing fossil fuel projects in the region.
Topics: Infrastructure, Fossil fuels
Speakers: Amanda Copping, Senator Matthew Canavan, Unknown Speaker, John Hopkins, Senator Raff Ciccone
might ask my colleague uh Miss Copy to provide some details. Senator. [clears throat]
>> Sure. Senator Ananda-Rajah Copying the Chief Investment Officer institutional at EFA. Um so Senator, that that was a loan um under our uh IndoPacific infrastructure mandate. It wasn't an equity investment.
>> Okay. And how much was it?
I might have to I might have to to get back to you on that. Senator, if you just give me a couple of minutes whilst you keep going the questions, I should be able to respond.
>> Okay. Yep. All right. If you can find out. I think by look at me, my research, it looks like 154 million Australian uh, what is that going towards? What's the loan for? What's it building? Um so
that that that loan is for um financing of infrastructure in Southeast Asia.
>> Southeast Asia. >> So not Africa at all? fact, it's >> just Southeast Asia.
>> The the the financing is conditional on it being used for Southeast Asia.
>> Okay. And what sort of infrastructure is
it investing in? Um so the expectation is that it will include a range of infrastructure senator including uh energy including transport and logistics.
>> Is it is it restricted to renewable
>> Uh no no it is
>> it can be used for gas.
>> Uh no senator that financing is provided on our commercial account and we are unable to finance fossil fuels.
>> So it can't do coal either?
>> No. it's not what they're looking at Senator is my understanding.
>> Okay. Uh trying to think what else there is. So we can't do coal, can't do gas, can't do nuclear. You can do hydro. I suppose it's still renewable.
obviously
>> and wind and solar. >> So is there any non-renewable sources it
can invest in? Uh well energy trans uh uh transition can include a range of things senator including transmission lines um other forms of energy requirement energy transition not just generation
>> but on the energy the generation side there's no non-renewable sources that can be invested in
>> uh we are unable to finance fossil fuel transactions and that includes
generation. >> Is there any benefit to Australian businesses from these projects? Um so
Senator you know Southeast Asia uh is an important market for Australia and a key part of what we do is support trade and investment as you know uh and for us when we look at providing these these financing you know we are looking yes we're looking at financing sustainable infrastructure but we're also looking to build long-term commercial relationships and investment pathways for Australian companies and we and we expect that there will be additional opportunities for Australian businesses as a result of the financing and investing that we make into the region.
>> Have we established um uh how much it was exactly?
>> Okay. Sorry, I was sorry, Senator, I just had to get back to you on on back to you on that one.
>> Well, on my figures, 150 million is a lot of money. So, was there any specific Australian benefit businesses that have benefit? Oh, sorry.
>> So, sorry, Senator. So, confirming it is 155.
>> Okay. So, that's that's a fair amount of money. Um, can you point to any specific Australian businesses that have benefited from this investment of $155 million?
>> Um, not not specifically in terms of content, Senator. However, as we said, as a result of these financing and investing, it creates additional relationships and commercial opportunities in the future for Australian businesses.
>> Okay. Thanks, uh, Chair.
>> Excellent. All right, Senator Whitten, I understand you've got some questions.