{ "entity_id": "O-000844", "folder": "Clean-Energy-Finance-Corporation", "name": "Clean Energy Finance Corporation", "type": "Corporate Commonwealth Entity", "jurisdiction": "Commonwealth", "portfolio": "Climate Change, Energy, the Environment and Water", "website": "https://www.cefc.com.au/", "data_status": "rich", "completeness": { "has_strategy_brief": true, "has_strategy_structured": true, "has_vision": false, "has_kpi_targets": true, "has_kpi_results": true, "has_strategy_overview": true, "has_legislation_text": true, "has_legislation_structured": true, "has_global_initiatives_text": true, "has_ideas": true, "has_artifacts": true, "n_ideas": 8, "n_legislation": 2, "n_artifacts": 18, "n_kpi_targets": 3, "n_kpi_results": 7, "n_outcomes": 2, "verified_own_data": true }, "strategy_profile": { "status": "published", "confidence": "high", "summary": "To facilitate increased flows of finance into the clean energy sector and to facilitate the achievement of Australia’s greenhouse gas emissions reduction targets. [CP p.4]", "official_site_url": "https://www.cefc.com.au/", "source_documents": [ { "type": "annual_report", "title": "Download full report", "url": "https://www.cefc.com.au/media/fq2prayo/cefc-annual-report-2021-22.pdf", "period": "2021-22", "confidence": "high" }, { "type": "annual_report", "title": "Download full report", "url": "https://www.cefc.com.au/media/dgykd5e1/cefc_annualreport_2020-21.pdf", "period": "2020-21", "confidence": "high" }, { "type": "annual_report", "title": "Annual Report 2019-20 Oct 2020", "url": "https://www.cefc.com.au/media/vpcad55s/cefc_annualreport_2019-20.pdf", "period": "2019-20", "confidence": "high" }, { "type": "annual_report", "title": "Annual Report 2018-19 Oct 2019", "url": "https://www.cefc.com.au/media/tf5pcktv/cefc-annual-report-2018-19.pdf", "period": "2018-19", "confidence": "high" }, { "type": "annual_report", "title": "Annual Report 2017-18 Oct 2018", "url": "https://www.cefc.com.au/media/dbfjddjf/cefc-annual-report-2017-18.pdf", "period": "2017-18", "confidence": "high" }, { "type": "corporate_plan", "title": "Corporate Plan 2025-26 Aug 2025", "url": "https://www.cefc.com.au/media/nwjl4ph1/cefc-2025-26-corporateplan.pdf", "period": "2025-26", "confidence": "high" }, { "type": "corporate_plan", "title": "Corporate Plan 2024-25 Aug 2024", "url": "https://www.cefc.com.au/media/pb5bl312/cefc_2024-25_corporateplan.pdf", "period": "2024-25", "confidence": "high" }, { "type": "corporate_plan", "title": "Corporate Plan 2023-24 Jun 2023", "url": "https://www.cefc.com.au/media/nq5fmxuv/cefc_2023-24_corporateplan.pdf", "period": "2023-24", "confidence": "high" }, { "type": "corporate_plan", "title": "Corporate Plan 2022-23 Jun 2022", "url": "https://www.cefc.com.au/media/nazlh3hc/cefc_2022-23_corporateplan.pdf", "period": "2022-23", "confidence": "high" }, { "type": "corporate_plan", "title": "Corporate Plan 2021-22 Jun 2021", "url": "https://www.cefc.com.au/media/pfupku4s/cefc_2021-22_corporateplan.pdf", "period": "2021-22", "confidence": "high" }, { "type": "strategie", "title": "Reconciliation Action Plan", "url": "https://www.cefc.com.au/media/nasb5j4x/cefc-innovate-rap.pdf", "period": null, "confidence": "medium" } ], "purpose": { "text": "To facilitate increased flows of finance into the clean energy sector and to facilitate the achievement of Australia’s greenhouse gas emissions reduction targets. [CP p.4]", "source_url": "https://www.cefc.com.au/media/nwjl4ph1/cefc-2025-26-corporateplan.pdf", "source_page": 4, "source_deep_url": "https://www.cefc.com.au/media/nwjl4ph1/cefc-2025-26-corporateplan.pdf#page=4" }, "vision": null, "strategic_priorities": [ { "title": "To unlock greater penetration of renewable energy and accelerate decarbonisation of Australia’s electricity grid, while ", "description": "To unlock greater penetration of renewable energy and accelerate decarbonisation of Australia’s electricity grid, while considering the potential impacts on reliability and security of electricity supply.", "source_url": "https://www.cefc.com.au/media/nwjl4ph1/cefc-2025-26-corporateplan.pdf", "source_page": 8, "source_deep_url": "https://www.cefc.com.au/media/nwjl4ph1/cefc-2025-26-corporateplan.pdf#page=8" }, { "title": "To support the deployment of clean energy technologies in Australian industry.", "description": "To support the deployment of clean energy technologies in Australian industry.", "source_url": "https://www.cefc.com.au/media/nwjl4ph1/cefc-2025-26-corporateplan.pdf", "source_page": 8, "source_deep_url": "https://www.cefc.com.au/media/nwjl4ph1/cefc-2025-26-corporateplan.pdf#page=8" }, { "title": "To support greater uptake of clean energy technology measures in residential dwellings.", "description": "To support greater uptake of clean energy technology measures in residential dwellings.", "source_url": "https://www.cefc.com.au/media/nwjl4ph1/cefc-2025-26-corporateplan.pdf", "source_page": 8, "source_deep_url": "https://www.cefc.com.au/media/nwjl4ph1/cefc-2025-26-corporateplan.pdf#page=8" }, { "title": "To invest in low emissions supply chains.", "description": "To invest in low emissions supply chains.", "source_url": "https://www.cefc.com.au/media/nwjl4ph1/cefc-2025-26-corporateplan.pdf", "source_page": 8, "source_deep_url": "https://www.cefc.com.au/media/nwjl4ph1/cefc-2025-26-corporateplan.pdf#page=8" }, { "title": "To support carbon markets, the Safeguard Mechanism and voluntary markets.", "description": "To support carbon markets, the Safeguard Mechanism and voluntary markets.", "source_url": "https://www.cefc.com.au/media/nwjl4ph1/cefc-2025-26-corporateplan.pdf", "source_page": 8, "source_deep_url": "https://www.cefc.com.au/media/nwjl4ph1/cefc-2025-26-corporateplan.pdf#page=8" }, { "title": "To back the renewables supply chain.", "description": "To back the renewables supply chain.", "source_url": "https://www.cefc.com.au/media/nwjl4ph1/cefc-2025-26-corporateplan.pdf", "source_page": 8, "source_deep_url": "https://www.cefc.com.au/media/nwjl4ph1/cefc-2025-26-corporateplan.pdf#page=8" }, { "title": "To invest in low emissions design solutions.", "description": "To invest in low emissions design solutions.", "source_url": "https://www.cefc.com.au/media/nwjl4ph1/cefc-2025-26-corporateplan.pdf", "source_page": 8, "source_deep_url": "https://www.cefc.com.au/media/nwjl4ph1/cefc-2025-26-corporateplan.pdf#page=8" } ], "values": [ { "name": "Impact", "description": "", "source_url": "https://www.cefc.com.au/media/nwjl4ph1/cefc-2025-26-corporateplan.pdf", "source_page": null }, { "name": "Collaboration", "description": "", "source_url": "https://www.cefc.com.au/media/nwjl4ph1/cefc-2025-26-corporateplan.pdf", "source_page": null }, { "name": "Integrity", "description": "", "source_url": "https://www.cefc.com.au/media/nwjl4ph1/cefc-2025-26-corporateplan.pdf", "source_page": null }, { "name": "Innovation", "description": "", "source_url": "https://www.cefc.com.au/media/nwjl4ph1/cefc-2025-26-corporateplan.pdf", "source_page": null } ], "outcomes": [ { "name": "Outcome 1: Deploy capital across our investment portfolios and funds to drive emission reductions", "description": "Our purpose is to facilitate increased flows of finance into the clean energy sector and the achievement of Australia’s greenhouse gas emissions reduction targets.", "activities": [ "Invest in low emission agriculture", "Drive electrification and energy performance", "Identify and promote sustainable land use solutions" ], "source_url": "https://www.cefc.com.au/media/nwjl4ph1/cefc-2025-26-corporateplan.pdf", "source_page": 10, "source_deep_url": "https://www.cefc.com.au/media/nwjl4ph1/cefc-2025-26-corporateplan.pdf#page=10" }, { "name": "Outcome 2: Harness CEFC's role as a leader to drive emission reductions beyond our investments", "description": "Our purpose is to facilitate increased flows of finance into the clean energy sector and the achievement of Australia’s greenhouse gas emissions reduction targets.", "activities": [ "Transform energy and resource use to lower emissions", "Make better use of our land to close the emissions gap" ], "source_url": "https://www.cefc.com.au/media/nwjl4ph1/cefc-2025-26-corporateplan.pdf", "source_page": 11, "source_deep_url": "https://www.cefc.com.au/media/nwjl4ph1/cefc-2025-26-corporateplan.pdf#page=11" } ], "performance_measures": [ { "code": "Adjusted operating result", "measure": "Adjusted operating result", "target": "$220 - $240m", "latest_result": "", "status": "", "target_source_url": "https://www.cefc.com.au/media/nwjl4ph1/cefc-2025-26-corporateplan.pdf", "target_source_page": 13, "result_source_url": "https://www.cefc.com.au/media/fq2prayo/cefc-annual-report-2021-22.pdf", "result_source_page": null }, { "code": "Total capital committed (excluding RTN)", "measure": "Total capital committed (excluding RTN)", "target": "$1.9 - $2.3b", "latest_result": "", "status": "", "target_source_url": "https://www.cefc.com.au/media/nwjl4ph1/cefc-2025-26-corporateplan.pdf", "target_source_page": 13, "result_source_url": "https://www.cefc.com.au/media/fq2prayo/cefc-annual-report-2021-22.pdf", "result_source_page": null }, { "code": "Development and demonstration of the first phase of a deliberate strategic capital recycling program", "measure": "Development and demonstration of the first phase of a deliberate strategic capital recycling program", "target": "Increased supply of renewable energy in Australia and lower emissions across the broader Australian economy", "latest_result": "", "status": "", "target_source_url": "https://www.cefc.com.au/media/nwjl4ph1/cefc-2025-26-corporateplan.pdf", "target_source_page": 13, "result_source_url": "https://www.cefc.com.au/media/fq2prayo/cefc-annual-report-2021-22.pdf", "result_source_page": null }, { "code": "Catalyse private sector capital", "measure": "Financial leverage – ratio of private sector capital to CEFC capital", "target": "", "latest_result": "$2.30", "status": "Below the lower end of the target range", "target_source_url": "", "target_source_page": null, "result_source_url": "https://www.cefc.com.au/media/fq2prayo/cefc-annual-report-2021-22.pdf", "result_source_page": 29 }, { "code": "Invest in innovation, clean energy technologies and infrastructure", "measure": "Total capital committed to clean energy technologies", "target": "", "latest_result": "$1.45b", "status": "Top end of target range achieved", "target_source_url": "", "target_source_page": null, "result_source_url": "https://www.cefc.com.au/media/fq2prayo/cefc-annual-report-2021-22.pdf", "result_source_page": 29 }, { "code": "Invest in innovation, clean energy technologies and infrastructure", "measure": "Estimated emissions reduction per annum for new investment commitments", "target": "", "latest_result": "1.4 Mt CO2-e per annum", "status": "Exceeded", "target_source_url": "", "target_source_page": null, "result_source_url": "https://www.cefc.com.au/media/fq2prayo/cefc-annual-report-2021-22.pdf", "result_source_page": 30 }, { "code": "Invest in innovation, clean energy technologies and infrastructure", "measure": "Percentage of new investment commitments that have at least 2 “positive impact” material ESG factor scores", "target": "", "latest_result": "86%", "status": "Exceeded", "target_source_url": "", "target_source_page": null, "result_source_url": "https://www.cefc.com.au/media/fq2prayo/cefc-annual-report-2021-22.pdf", "result_source_page": 30 }, { "code": "Financial sustainability", "measure": "Total operating result adjusted for concessionality, loan modification charges, bond revaluations and Innovation Fund revaluations", "target": "", "latest_result": "$219.6m", "status": "Above the top end of the target range", "target_source_url": "", "target_source_page": null, "result_source_url": "https://www.cefc.com.au/media/fq2prayo/cefc-annual-report-2021-22.pdf", "result_source_page": 31 }, { "code": "Financial sustainability", "measure": "Free cash flows from operations after the implied costs of funds", "target": "", "latest_result": "$89.5m", "status": "Above the top end of the target range", "target_source_url": "", "target_source_page": null, "result_source_url": "https://www.cefc.com.au/media/fq2prayo/cefc-annual-report-2021-22.pdf", "result_source_page": 31 }, { "code": "Qualitative performance indicators", "measure": "The organisation’s ability to demonstrate leadership and broaden relationships across governments, regulators, industry, the research sector and investor communities to accelerate the energy transition", "target": "", "latest_result": "Exceeded", "status": "Exceeded", "target_source_url": "", "target_source_page": null, "result_source_url": "https://www.cefc.com.au/media/fq2prayo/cefc-annual-report-2021-22.pdf", "result_source_page": 32 } ], "document_alignment_terms": { "must_support": [ "To facilitate increased flows of finance into the clean energy sector and to facilitate the achievement of Australia’s greenhouse gas emissions reduction targets. [CP p.4]", "To unlock greater penetration of renewable energy and accelerate decarbonisation of Australia’s electricity grid, while considering the potential impacts on reliability and security of electricity supply.", "To support the deployment of clean energy technologies in Australian industry.", "To support greater uptake of clean energy technology measures in residential dwellings.", "To invest in low emissions supply chains.", "To support carbon markets, the Safeguard Mechanism and voluntary markets.", "To back the renewables supply chain.", "To invest in low emissions design solutions." ], "watch_terms": [ "Adjusted operating result", "Total capital committed (excluding RTN)", "Development and demonstration of the first phase of a deliberate strategic capital recycling program", "Financial leverage – ratio of private sector capital to CEFC capital", "Total capital committed to clean energy technologies", "Estimated emissions reduction per annum for new investment commitments", "Percentage of new investment commitments that have at least 2 “positive impact” material ESG factor scores", "Total operating result adjusted for concessionality, loan modification charges, bond revaluations and Innovation Fund revaluations", "Free cash flows from operations after the implied costs of funds", "The organisation’s ability to demonstrate leadership and broaden relationships across governments, regulators, industry, the research sector and investor communities to accelerate the energy transition" ], "avoid_claiming_without_evidence": [] }, "review_note": "" }, "strategy_brief_md": "# Clean Energy Finance Corporation — Strategy Brief\n\n**Reporting period**: 2021-22\n**Corporate plan in force**: 2025-26\n**Annual Report**: [2021-22](https://www.cefc.com.au/media/fq2prayo/cefc-annual-report-2021-22.pdf)\n**Corporate Plan**: [2025-26](https://www.cefc.com.au/media/nwjl4ph1/cefc-2025-26-corporateplan.pdf)\n\n## Our purpose / purposes\n\n> To facilitate increased flows of finance into the clean energy sector and to facilitate the achievement of Australia’s greenhouse gas emissions reduction targets. [CP p.4](https://www.cefc.com.au/media/nwjl4ph1/cefc-2025-26-corporateplan.pdf#page=4) [[CP p.4](https://www.cefc.com.au/media/nwjl4ph1/cefc-2025-26-corporateplan.pdf#page=4)(https://www.cefc.com.au/media/nwjl4ph1/cefc-2025-26-corporateplan.pdf#page=4)]\n\n## How we deliver\n\n> We deliver our purpose by: 1. investing in renewable energy, energy efficiency and low emissions technologies with the aim of delivering a positive return for taxpayers. 2. collaborating with industry, stakeholders and government to further support national decarbonisation objectives, including building market awareness about decarbonisation opportunities and contributing to the development and use of relevant standards and technologies. [CP p.4](https://www.cefc.com.au/media/nwjl4ph1/cefc-2025-26-corporateplan.pdf#page=4) [[CP p.4](https://www.cefc.com.au/media/nwjl4ph1/cefc-2025-26-corporateplan.pdf#page=4)(https://www.cefc.com.au/media/nwjl4ph1/cefc-2025-26-corporateplan.pdf#page=4)]\n\n## Government priorities for this department\n\n- To unlock greater penetration of renewable energy and accelerate decarbonisation of Australia’s electricity grid, while considering the potential impacts on reliability and security of electricity supply. [[CP p.8](https://www.cefc.com.au/media/nwjl4ph1/cefc-2025-26-corporateplan.pdf#page=8)(https://www.cefc.com.au/media/nwjl4ph1/cefc-2025-26-corporateplan.pdf#page=8)]\n- To support the deployment of clean energy technologies in Australian industry. [[CP p.8](https://www.cefc.com.au/media/nwjl4ph1/cefc-2025-26-corporateplan.pdf#page=8)(https://www.cefc.com.au/media/nwjl4ph1/cefc-2025-26-corporateplan.pdf#page=8)]\n- To support greater uptake of clean energy technology measures in residential dwellings. [[CP p.8](https://www.cefc.com.au/media/nwjl4ph1/cefc-2025-26-corporateplan.pdf#page=8)(https://www.cefc.com.au/media/nwjl4ph1/cefc-2025-26-corporateplan.pdf#page=8)]\n- To invest in low emissions supply chains. [[CP p.8](https://www.cefc.com.au/media/nwjl4ph1/cefc-2025-26-corporateplan.pdf#page=8)(https://www.cefc.com.au/media/nwjl4ph1/cefc-2025-26-corporateplan.pdf#page=8)]\n- To support carbon markets, the Safeguard Mechanism and voluntary markets. [[CP p.8](https://www.cefc.com.au/media/nwjl4ph1/cefc-2025-26-corporateplan.pdf#page=8)(https://www.cefc.com.au/media/nwjl4ph1/cefc-2025-26-corporateplan.pdf#page=8)]\n- To back the renewables supply chain. [[CP p.8](https://www.cefc.com.au/media/nwjl4ph1/cefc-2025-26-corporateplan.pdf#page=8)(https://www.cefc.com.au/media/nwjl4ph1/cefc-2025-26-corporateplan.pdf#page=8)]\n- To invest in low emissions design solutions. [[CP p.8](https://www.cefc.com.au/media/nwjl4ph1/cefc-2025-26-corporateplan.pdf#page=8)(https://www.cefc.com.au/media/nwjl4ph1/cefc-2025-26-corporateplan.pdf#page=8)]\n\n## Outcomes\n\n### Outcome 1: Deploy capital across our investment portfolios and funds to drive emission reductions\nOur purpose is to facilitate increased flows of finance into the clean energy sector and the achievement of Australia’s greenhouse gas emissions reduction targets. [[CP p.10](https://www.cefc.com.au/media/nwjl4ph1/cefc-2025-26-corporateplan.pdf#page=10)(https://www.cefc.com.au/media/nwjl4ph1/cefc-2025-26-corporateplan.pdf#page=10)]\n\n**Key activities:**\n- Invest in low emission agriculture\n- Drive electrification and energy performance\n- Identify and promote sustainable land use solutions\n\n### Outcome 2: Harness CEFC's role as a leader to drive emission reductions beyond our investments\nOur purpose is to facilitate increased flows of finance into the clean energy sector and the achievement of Australia’s greenhouse gas emissions reduction targets. [[CP p.11](https://www.cefc.com.au/media/nwjl4ph1/cefc-2025-26-corporateplan.pdf#page=11)(https://www.cefc.com.au/media/nwjl4ph1/cefc-2025-26-corporateplan.pdf#page=11)]\n\n**Key activities:**\n- Transform energy and resource use to lower emissions\n- Make better use of our land to close the emissions gap\n\n## Values and principles\n\n_Our values_\n\n- Impact\n- Collaboration\n- Integrity\n- Innovation\n\n## What they will measure themselves on this year (targets from 2025-26 corporate plan)\n\n| Code | Measure | Target | Source |\n|---|---|---|---|\n| Adjusted operating result | Adjusted operating result | $220 - $240m | [CP p.13](https://www.cefc.com.au/media/nwjl4ph1/cefc-2025-26-corporateplan.pdf#page=13)(https://www.cefc.com.au/media/nwjl4ph1/cefc-2025-26-corporateplan.pdf#page=13) |\n| Total capital committed (excluding RTN) | Total capital committed (excluding RTN) | $1.9 - $2.3b | [CP p.13](https://www.cefc.com.au/media/nwjl4ph1/cefc-2025-26-corporateplan.pdf#page=13)(https://www.cefc.com.au/media/nwjl4ph1/cefc-2025-26-corporateplan.pdf#page=13) |\n| Development and demonstration of the first phase of a deliberate strategic capital recycling program | Development and demonstration of the first phase of a deliberate strategic capital recycling program | Increased supply of renewable energy in Australia and lower emissions across the broader Australian economy | [CP p.13](https://www.cefc.com.au/media/nwjl4ph1/cefc-2025-26-corporateplan.pdf#page=13)(https://www.cefc.com.au/media/nwjl4ph1/cefc-2025-26-corporateplan.pdf#page=13) |\n\n## How they performed last year (results from 2021-22 annual report)\n\n| Code | Measure | Result | Status | Source |\n|---|---|---|---|---|\n| Catalyse private sector capital | Financial leverage – ratio of private sector capital to CEFC capital | $2.30 | Below the lower end of the target range | [AR p.29](https://www.cefc.com.au/media/fq2prayo/cefc-annual-report-2021-22.pdf#page=29)(https://www.cefc.com.au/media/fq2prayo/cefc-annual-report-2021-22.pdf#page=29) |\n| Invest in innovation, clean energy technologies and infrastructure | Total capital committed to clean energy technologies | $1.45b | Top end of target range achieved | [AR p.29](https://www.cefc.com.au/media/fq2prayo/cefc-annual-report-2021-22.pdf#page=29)(https://www.cefc.com.au/media/fq2prayo/cefc-annual-report-2021-22.pdf#page=29) |\n| Invest in innovation, clean energy technologies and infrastructure | Estimated emissions reduction per annum for new investment commitments | 1.4 Mt CO2-e per annum | Exceeded | [AR p.30](https://www.cefc.com.au/media/fq2prayo/cefc-annual-report-2021-22.pdf#page=30)(https://www.cefc.com.au/media/fq2prayo/cefc-annual-report-2021-22.pdf#page=30) |\n| Invest in innovation, clean energy technologies and infrastructure | Percentage of new investment commitments that have at least 2 “positive impact” material ESG factor scores | 86% | Exceeded | [AR p.30](https://www.cefc.com.au/media/fq2prayo/cefc-annual-report-2021-22.pdf#page=30)(https://www.cefc.com.au/media/fq2prayo/cefc-annual-report-2021-22.pdf#page=30) |\n| Financial sustainability | Total operating result adjusted for concessionality, loan modification charges, bond revaluations and Innovation Fund revaluations | $219.6m | Above the top end of the target range | [AR p.31](https://www.cefc.com.au/media/fq2prayo/cefc-annual-report-2021-22.pdf#page=31)(https://www.cefc.com.au/media/fq2prayo/cefc-annual-report-2021-22.pdf#page=31) |\n| Financial sustainability | Free cash flows from operations after the implied costs of funds | $89.5m | Above the top end of the target range | [AR p.31](https://www.cefc.com.au/media/fq2prayo/cefc-annual-report-2021-22.pdf#page=31)(https://www.cefc.com.au/media/fq2prayo/cefc-annual-report-2021-22.pdf#page=31) |\n| Qualitative performance indicators | The organisation’s ability to demonstrate leadership and broaden relationships across governments, regulators, industry, the research sector and investor communities to accelerate the energy transition | Exceeded | Exceeded | [AR p.32](https://www.cefc.com.au/media/fq2prayo/cefc-annual-report-2021-22.pdf#page=32)(https://www.cefc.com.au/media/fq2prayo/cefc-annual-report-2021-22.pdf#page=32) |", "strategy_overview_evidence_md": null, "internal_strategy_evidence_md": "# Clean Energy Finance Corporation - Strategy, Performance, and Operating Profile\n\n**Generated at**: 2026-05-09T21:59:19.637630+00:00\n**Entity ID**: O-000844\n**Entity type**: Corporate Commonwealth Entity\n**Jurisdiction**: Commonwealth\n**Portfolio**: Climate Change, Energy, the Environment and Water\n**Website**: https://www.cefc.com.au/\n\n> Draft generated from scraped source material. Treat this as an evidence pack for editorial review, not a final judgement.\n\n## Source Coverage\n\n| Source type | Count |\n|---|---:|\n| annual-reports | 5 |\n| corporate-plans | 5 |\n| global-intelligence | 3 |\n| other-pdfs | 5 |\n| pages | 25 |\n| reviews | 2 |\n| strategies | 1 |\n\n## Executive Readout\n\n### Purpose\n\n- Figure 3: Strategy overview\nPurpose To facilitate increased flows of finance into the clean energy\nsector\nWhy we exist\nStrategic -1- -2- -3-\nobjectives\nInvest in clean Catalyse and Continue to be\nWhat we must energy technologies leverage private financially\ndo achieve to and enablers sector capital sustainable over\nsucceed\nthe long term\nDemonstrate Collaborate with Deliver our legislated\nleadership in investors, innovators, purpose at no cost to\naccelerating the clean industry leaders and the taxpayer through\nenergy transition with a regulators and financial discipline\nstrong focus on catalyse increased and sound risk\ndelivering the investment Australian management across\nGovernment’s climate clean energy sector. the organisation.\nand energy policy\npriorities.\n Source: `corporate-plans/2022-23.pdf (https://www.cefc.com.au/media/nazlh3hc/cefc_2022-23_corporateplan.pdf)`\n- [Page 2]\n2\nIn this report\nStrategy, activities\nand performance Operating\nPurpose measures context\n03 05 12\nAbout us 3 Strategy influences 5 Environment 12\nStatement of preparation 3 Investment approach 6 Capability 13\nOur investments 4 Investment Mandate directions 7 Risk oversight and\nmanagement 14\nStrategic objectives,\nactivities and values 8 Collaboration 15\nPerformance indicators and targets 9 Subsidiaries 15\nQualitative performance factors 9\nAligned investment focus 10\nAcknowledgement of Country\nThe CEFC acknowledges the Traditional\nCustodians of Country throughout Australia\nand recognises their continuing connection\nto land, waters and culture.\n Source: `corporate-plans/2021-22.pdf (https://www.cefc.com.au/media/pfupku4s/cefc_2021-22_corporateplan.pdf)`\n- 1\nPurpose To facilitate increased flows of\nfinance into the clean energy sector\n2 3 4\nValues Strategic Key\nobjectives activities\nCatalyse private − Leverage private capital into transactions Financial leverage – ratio of private sector 2.5 : 1 – 3.0: 1\n$ $ $ $\ncapital to CEFC capital\nsector capital − Draw in new sources of capital into\nthe clean energy sector\nCatalyse increased private sector\ncapital flowing to the Australian − Further leverage our expertise, research and case Amount of new capital leveraged / unlocked 250 – 400\nthat invests in Australian clean energy $ m $ m\nImpact clean energy sector and attract studies to attract new investors and broaden our\ntechnology, business model or financial\nnew investor classes. impact on emissions reduction across the economy.\nstructures / products for the first time\n Source: `corporate-plans/2021-22.pdf (https://www.cefc.com.au/media/pfupku4s/cefc_2021-22_corporateplan.pdf)`\n- Key Activity Performance Measure 2024-25 Target Expected Outcomes\nIncreased supply of\nDeploy capital Total capital committed (excluding RTN) $1.6b - $2.0b renewable energy in\nacross our Australia and lower\ninvestment TWh of expected annual output of new 1.8TWh – emissions across the\nportfolio and capacity unlocked through CEFC 2.5TWh broader Australian\nfunds to drive financing economy\naction across\nour strategic Mt estimated emissions reductions pa 0.15Mt – 0.20Mt\npriorities and\ndeliver emissions\nDelivering the RTN:\nreductions\n⎯ Reach commercial commitment^ on\nAchieve 2 of 3\n3 Integrated System Plan or State/\nmeasures\nTerritory priority transmission projects;\n⎯ Deliver 4.5 GW of additional network\ncapacity; and\n⎯ Reach contractual close on the two\nFY23-24 transmission projects\nDeliver returns\nAdjusted operating result* ($m) $210m - $230m consistent with the\nInvestment Mandate\n Source: `corporate-plans/2024-25.pdf (https://www.cefc.com.au/media/pb5bl312/cefc_2024-25_corporateplan.pdf)`\n\n### Role and Functions\n\n- This framework uses a “three lines\nother investors, the CEFC has limited opportunities\nof defence” model, with responsibility across all staff,\nto diversify its portfolio by sector, particularly given\nthe independent CEFC credit risk function and internal\nthe requirement to have at least 50 per cent of the\naudit process.\nportfolio invested in renewable energy technologies\nThe RMF recognises the fundamental linkage between from 1 July 2018, thereby concentrating exposure in the\nstrategic objectives and the impact that uncertainty (or clean energy sector.\nrisk) may have on the achievement of those objectives\nRole of Investment Committees\nand more importantly, the performance of the CEFC.\n Source: `annual-reports/2020-21.pdf (https://www.cefc.com.au/media/dgykd5e1/cefc_annualreport_2020-21.pdf)`\n- Role of the Committee\nThe role of the Committee is to assist the Board to discharge its\nresponsibilities under the CEFC Act, Clean Energy Finance Corporation\nInvestment Mandate Direction 2023 (as amended or replaced from time\nto time in accordance with section 64(1) of the CEFC Act), the PGPA Act\nand the Public Governance, Performance and Accountability Rule 2014\n(Cth) (PGPA Rules) (as amended) in respect of financial reporting,\nperformance reporting, risk oversight and management, internal control\nand compliance with relevant laws, including oversight of:\n− the integrity of the CEFC external regulatory reporting including but\nnot limited to financial reporting, financial statements and climate-\nrelated disclosures\n− the appropriateness of the CEFC performance reporting\n− the effectiveness of the CEFC system of risk management, internal\ncontrols and compliance function\n Source: `other-pdfs/cefc-audit-and-risk-committee-charter-february-2026.pdf (https://www.cefc.com.au/media/pncejhqb/cefc-audit-and-risk-committee-charter-february-2026.pdf)`\n- We promote a Investment Committee and the Board on\nrisk aware culture where: transaction level risks, as well as to the Asset\n• our people are required to conduct Management Committee and the Audit\nthemselves in a manner consistent with the and Risk Committee on investment portfolio\nhighest professional and ethical standards matters.\n• we consistently consider “should we” do\nThe Risk Management Framework, together\nthings and not just “can we” do things\nwith the CEFC Investment Policies, embeds\n• our incentive and reward systems are\nactive management and mitigation of risks\nstructured to encourage behaviour that\ninto all areas of our investment functions,\nadheres to our risk management\nportfolio management and broader\nframework and is consistent with our risk\nbusiness operations.\nappetite\n• an inclusive and respectful culture is\nRisk Appetite is set by the Board and is\n Source: `corporate-plans/2022-23.pdf (https://www.cefc.com.au/media/nazlh3hc/cefc_2022-23_corporateplan.pdf)`\n- Key Activity Performance Measure 2024-25 Target Expected Outcomes\nIncreased supply of\nDeploy capital Total capital committed (excluding RTN) $1.6b - $2.0b renewable energy in\nacross our Australia and lower\ninvestment TWh of expected annual output of new 1.8TWh – emissions across the\nportfolio and capacity unlocked through CEFC 2.5TWh broader Australian\nfunds to drive financing economy\naction across\nour strategic Mt estimated emissions reductions pa 0.15Mt – 0.20Mt\npriorities and\ndeliver emissions\nDelivering the RTN:\nreductions\n⎯ Reach commercial commitment^ on\nAchieve 2 of 3\n3 Integrated System Plan or State/\nmeasures\nTerritory priority transmission projects;\n⎯ Deliver 4.5 GW of additional network\ncapacity; and\n⎯ Reach contractual close on the two\nFY23-24 transmission projects\nDeliver returns\nAdjusted operating result* ($m) $210m - $230m consistent with the\nInvestment Mandate\n Source: `corporate-plans/2024-25.pdf (https://www.cefc.com.au/media/pb5bl312/cefc_2024-25_corporateplan.pdf)`\n- Our portfolio of on-risk investment\ndemonstrates the important role of the CEFC in\ncommitments reached $6.5 billion at 30 June 2021,\ncontributing to the increased flows of finance into the\nreflecting almost $2.5 billion in amortisation and\nclean energy sector through a changing market cycle.\nrepayments on $9.5 billion in lifetime commitments.\n Source: `annual-reports/2020-21.pdf (https://www.cefc.com.au/media/dgykd5e1/cefc_annualreport_2020-21.pdf)`\n- Key organisational activities\n– Joint Investment Committee: operated in\ninclude investment origination, transaction execution,\nconjunction with ARENA, reviews all investment\nportfolio and asset management, support for\nproposals relating to, and the performance of, the\nearly-stage innovative technologies and financing\nClean Energy Innovation Fund\nprojects, with the support of corporate functions across\n– Asset Management Committee: oversees the legal, finance, IT, compliance and risk management,\nmanagement and performance of the CEFC marketing and communications, investment research,\ninvestment portfolio stakeholder relations, people and culture, and\nadministration.\n– Executive Risk Committee: oversees performance\nand risk management matters relating to CEFC The CEFC holds 100 per cent of the issued share capital\ninvestments and for the CEFC itself.\n Source: `annual-reports/2020-21.pdf (https://www.cefc.com.au/media/dgykd5e1/cefc_annualreport_2020-21.pdf)`\n\n### Strategic Priorities\n\n- Figure 3: Strategic framework\nPurpose To facilitate increased flows of finance into the clean energy sector and\nto facilitate the achievement of Australia’s greenhouse gas reduction\ntargets\nKey Deploy capital across our investment portfolios and funds to drive action on our\nActivities strategic priorities and deliver emission reductions\nHarness our role as a leader to deliver emissions reductions beyond our\ninvestments\nValues Impact Collaboration Integrity Innovation\nStrategic\nPriorities\nTransform energy and\nresource use to lower\nemissions\nGP\nPortfolios\nand Funds PATF\nCEIF\nRTN AHF HEUF\nHow we Transform our electricity Drive electrification and Invest in low emissions\nexpect to grid energy performance agriculture\ninvest\nnear-term Significantly increase Encourage fuel switching Identify and promote\nrenewable energy and electric vehicles sustainable land use\ngeneration solutions\n Source: `corporate-plans/2024-25.pdf (https://www.cefc.com.au/media/pb5bl312/cefc_2024-25_corporateplan.pdf)`\n- Figure 17: Performance summary 2019–20\nCriteria Measure Outcome Evaluation\nStrategic priority: Increasing the impact of our investment activities\nOperating result* Financial operating result $89m against targets of $110m (Corporate\nPlan) and $100m-$110m (PBS)\nPerformance Optimise portfolio returns while For the core portfolio, the cumulative return\nagainst portfolio recognising the CEFC’s public was 4.75% versus a benchmark target of\nbenchmark policy purpose, and taking all 5.28%-6.28%, a deficit of 0.53%-1.53%.\n Source: `annual-reports/2019-20.pdf (https://www.cefc.com.au/media/vpcad55s/cefc_annualreport_2019-20.pdf)`\n- [Page 10]\n4 | Strategy, activities and performance\nStrategic To facilitate increased flows of finance into the clean energy sector and the achievement of\nPurpose\nAustralia’s greenhouse gas emissions reduction targets\nframework\nValues Impact Collaboration Integrity Innovation\nOur purpose is\n1 | Deploy capital across our investment portfolios and funds to drive emission reductions\ndelivered through Key Activities\nliving our values as we\n2 | Harness CEFC's role as a leader to drive emission reductions beyond our investments\ngo about our key\nactivities, focussing\nour Investment Funds Drive cleaner, greener Transform energy and Make better use of our\nInvestment Priorities\nand Portfolios on the energy to deliver net zero resource use to lower emissions land to close the emissions gap\nthree investment\npriority areas that will\no Invest in low emission agriculture\ndeliver outcomes.\n Source: `corporate-plans/2025-26.pdf (https://www.cefc.com.au/media/nwjl4ph1/cefc-2025-26-corporateplan.pdf)`\n- [Page 2]\n2\nIn this report\nStrategy, activities\nand performance Operating\nPurpose measures context\n03 05 12\nAbout us 3 Strategy influences 5 Environment 12\nStatement of preparation 3 Investment approach 6 Capability 13\nOur investments 4 Investment Mandate directions 7 Risk oversight and\nmanagement 14\nStrategic objectives,\nactivities and values 8 Collaboration 15\nPerformance indicators and targets 9 Subsidiaries 15\nQualitative performance factors 9\nAligned investment focus 10\nAcknowledgement of Country\nThe CEFC acknowledges the Traditional\nCustodians of Country throughout Australia\nand recognises their continuing connection\nto land, waters and culture.\n Source: `corporate-plans/2021-22.pdf (https://www.cefc.com.au/media/pfupku4s/cefc_2021-22_corporateplan.pdf)`\n- Mandate Focus Areas, we\nThese pathways are:\nhave a strong focus on\n1 1\ninvestment opportunities in\nthe priority low emissions Energy efficiency Direct investments\ntechnologies including clean\nAcross all sectors which will play a critical role in reducing energy intensity in line Our direct investments for small and large-scale clean\nhydrogen, energy storage, with the Australian Government National Energy and Productivity Plan (NEPP) that energy projects include flexible debt and equity finance,\nlow carbon materials and seeks to accelerate delivery of a 40 per cent improvement in Australia’s energy or a combination of both, tailored to individual projects\nproductivity by 2030\nsoil carbon, along with the\nenabling technologies required\n2 2\nto bring down the costs of\nLow carbon electricity Debt markets\nthese priority technologies.\n Source: `corporate-plans/2021-22.pdf (https://www.cefc.com.au/media/pfupku4s/cefc_2021-22_corporateplan.pdf)`\n- Figure 3: Strategy overview\nPurpose To facilitate increased flows of finance into the clean energy sector\nand to facilitate the achievement of Australia’s greenhouse gas\nreduction targets\nInvestment funds Rewiring the Nation Fund\nGeneral Portfolio\nSpecialised Investment Funds*\nInvestment goals -1- -2- -3-\nDrive cleaner, Transform energy and Make better use of\ngreener energy to resource use to lower our land to close\nunderpin the net emissions the emissions gap\nzero economy\nInvestment impact Decarbonise energy Efficient use of energy and Natural capital and\nmaterials and increased carbon sequestration\nenergy performance\nKey activities Transform our electricity Drive electrification and Invest in low emission\ngrid energy performance agriculture\nSignificantly increase Encourage fuel switching Identify and promote\nrenewable energy and electric vehicles sustainable land use\n Source: `corporate-plans/2023-24.pdf (https://www.cefc.com.au/media/nq5fmxuv/cefc_2023-24_corporateplan.pdf)`\n- Key Activity Performance Measure 2024-25 Target Expected Outcomes\nIncreased supply of\nDeploy capital Total capital committed (excluding RTN) $1.6b - $2.0b renewable energy in\nacross our Australia and lower\ninvestment TWh of expected annual output of new 1.8TWh – emissions across the\nportfolio and capacity unlocked through CEFC 2.5TWh broader Australian\nfunds to drive financing economy\naction across\nour strategic Mt estimated emissions reductions pa 0.15Mt – 0.20Mt\npriorities and\ndeliver emissions\nDelivering the RTN:\nreductions\n⎯ Reach commercial commitment^ on\nAchieve 2 of 3\n3 Integrated System Plan or State/\nmeasures\nTerritory priority transmission projects;\n⎯ Deliver 4.5 GW of additional network\ncapacity; and\n⎯ Reach contractual close on the two\nFY23-24 transmission projects\nDeliver returns\nAdjusted operating result* ($m) $210m - $230m consistent with the\nInvestment Mandate\n Source: `corporate-plans/2024-25.pdf (https://www.cefc.com.au/media/pb5bl312/cefc_2024-25_corporateplan.pdf)`\n- [Page 51]\nSECTION 1 • PERFORMANCE [ 49 ]\nFigure 4: Reef Funding Program commitments\nREEF REEF\nFUNDING FUNDING\nPROGRAM PROGRAM\n(CUMULATIVE) 2017-18\nCEFC FINANCE THROUGH Projects financed 5 2\nTHE REEF FUNDING\nPROGRAM FOCUSES ON CEFC direct finance $320.3m $183.1m\nFIVE PRIORITY AREAS Projects via channel partner 341 107\nOF ECONOMIC ACTIVITY:\nInvestment via channel partner $41.8m $29.6m\n1.\n Source: `annual-reports/2017-18.pdf (https://www.cefc.com.au/media/dbfjddjf/cefc-annual-report-2017-18.pdf)`\n- [Page 42]\n40 CEFC Annual Report 2018 –19\nSustainable on-farm\nmanagement\nTogether with the CSIRO and During 2018–19, the 3EAC focused\nMacquarie Infrastructure and on projects to lower emissions and\nReal Assets (MIRA), we were improve on-farm performance\npleased to progress our work through three priority pathways.\nin identifying sustainable See Figure 17.\non-farm management\nThis work is designed to be\npractices in 2018–19.\n Source: `annual-reports/2018-19.pdf (https://www.cefc.com.au/media/tf5pcktv/cefc-annual-report-2018-19.pdf)`\n- In this report\nMarking 10 years 02 Performance 22\nA decade driving decarbonisation, Where we invest 34\ntransforming our economy 04\nESG report 80\nAustralia’s decarbonisation challenge 06\nGovernance 98\nInvestment leadership, commercial\nAbout the CEFC 100\nimpact, economic reach 08\nCEFC Board 101\nClear focus, strong ambition to\nCEFC Executive 110\ntransform our emissions landscape 10\nOur people 113\nOur leaders 12\nRisk management 116\nOur Chair and CEO report 12\nFinancial information 124\nAbout the CEFC 16\nSummary financial data 126\nMarket drivers, investment priorities,\nperformance measures: 2021–22 16 Independent auditor’s report 129\nInvestment commitments Consolidated Statements 132\nin detail: 2021–22 18 Notes to Consolidated Financial\nStatements 136\nNational investment approach,\nAustralia-wide impact 20 Appendices 200\nAcknowledgement of Country\nThe CEFC acknowledges the Traditional\n Source: `annual-reports/2021-22.pdf (https://www.cefc.com.au/media/fq2prayo/cefc-annual-report-2021-22.pdf)`\n\n## KPIs, Targets, and Where They Are At\n\n- Key Activity Performance Measure 2024-25 Target Expected Outcomes\nIncreased supply of\nDeploy capital Total capital committed (excluding RTN) $1.6b - $2.0b renewable energy in\nacross our Australia and lower\ninvestment TWh of expected annual output of new 1.8TWh – emissions across the\nportfolio and capacity unlocked through CEFC 2.5TWh broader Australian\nfunds to drive financing economy\naction across\nour strategic Mt estimated emissions reductions pa 0.15Mt – 0.20Mt\npriorities and\ndeliver emissions\nDelivering the RTN:\nreductions\n⎯ Reach commercial commitment^ on\nAchieve 2 of 3\n3 Integrated System Plan or State/\nmeasures\nTerritory priority transmission projects;\n⎯ Deliver 4.5 GW of additional network\ncapacity; and\n⎯ Reach contractual close on the two\nFY23-24 transmission projects\nDeliver returns\nAdjusted operating result* ($m) $210m - $230m consistent with the\nInvestment Mandate\n Source: `corporate-plans/2024-25.pdf (https://www.cefc.com.au/media/pb5bl312/cefc_2024-25_corporateplan.pdf)`\n- Financial sustainability\nPerformance measure 3.1 Performance measure 3.2\nTotal operating result adjusted for concessionality, Free cash flows from operations after the implied\nloan modification charges, bond revaluations and costs of funds\nInnovation Fund revaluations5\nExceeded Exceeded\nPerformance analysis Performance analysis\nThe adjusted operating result of $219.6 million Free cash flows from operations8 for the 12 months\nwas significantly better than the target range to 30 June 2022 were $174.6 million.\n Source: `annual-reports/2021-22.pdf (https://www.cefc.com.au/media/fq2prayo/cefc-annual-report-2021-22.pdf)`\n- Figure 16: CEFC performance summary\nCriteria Measure Outcome 2018–19\nImpact\nOperating result* Financial operating result $159m against $92m target\nPerformance against portfolio Optimise portfolio returns while The core portfolio cumulative return\nbenchmark return set by recognising the Corporation’s from inception to 30 June 2019 was\nthe government in the 2018 public policy purpose, and taking all 5.29 per cent against a benchmark\nInvestment Mandate reasonable steps to achieve portfolio of 5.39 per cent to 6.39 per cent\nbenchmark return targets# The Innovation Fund cumulative\nreturn from its inception to 30 June\n2019 was negative 27.05 per cent\nagainst a benchmark of 3.22 per cent\nOperating expenditure before 1.0 per cent against a target of\nconcession and impairment < 1.5 per cent\n< 1.5 per cent of the deployed\nportfolio balance#\nCapital committed Dollar value of capital committed $1.\n Source: `annual-reports/2018-19.pdf (https://www.cefc.com.au/media/tf5pcktv/cefc-annual-report-2018-19.pdf)`\n- [Page 40]\n38 CEFC Annual Report 2018 –19\nAnalysis of performance criteria\nCONSTRUCTION AT SAPPHIRE WIND FARM,NSW\nImpact Capital committed: New investment For investment commitments made\ncommitments of almost $1.5 billion in 2018-19 we expect each tonne\nOperating result: The operating\nwere made during 2018–19, ahead of of CO -e abated by investees,\nresult for 2018–19 was $159 million, 2\nthe target of $1 billion.\n Source: `annual-reports/2018-19.pdf (https://www.cefc.com.au/media/tf5pcktv/cefc-annual-report-2018-19.pdf)`\n- Figure 17: Performance summary 2019–20\nCriteria Measure Outcome Evaluation\nStrategic priority: Increasing the impact of our investment activities\nOperating result* Financial operating result $89m against targets of $110m (Corporate\nPlan) and $100m-$110m (PBS)\nPerformance Optimise portfolio returns while For the core portfolio, the cumulative return\nagainst portfolio recognising the CEFC’s public was 4.75% versus a benchmark target of\nbenchmark policy purpose, and taking all 5.28%-6.28%, a deficit of 0.53%-1.53%.\n Source: `annual-reports/2019-20.pdf (https://www.cefc.com.au/media/vpcad55s/cefc_annualreport_2019-20.pdf)`\n- [Page 24]\n22 CEFC Annual Report 2020–21\nPerformance statement\nand analysis\n2\nBe financially sustainable and maintain an investment portfolio that,\nover the longer term, facilitates emissions reductions and generates\npositive returns within risk appetite\nPerformance measure Performance measure\nAchieve a total adjusted operating result of $90 million.\n Source: `annual-reports/2020-21.pdf (https://www.cefc.com.au/media/dgykd5e1/cefc_annualreport_2020-21.pdf)`\n- [Page 27]\nSection 1 – Performance 25\nPerformance measure Performance analysis\n0.45 million tonnes per annum of estimated emission New investment commitments in 2020–21 are estimated\nreductions from projects and activities funded by new to achieve emission reduction of 0.78 Mt CO -e per\n2\ninvestment commitments. annum against the 0.45 Mt CO -e target.\n Source: `annual-reports/2020-21.pdf (https://www.cefc.com.au/media/dgykd5e1/cefc_annualreport_2020-21.pdf)`\n- Catalyse private sector capital\nPerformance measure 1.1 Performance measure 1.2\nFinancial leverage – ratio of private Amount of new capital leveraged or unlocked that\nsector capital to CEFC capital invests in Australian clean energy technology,\nbusiness models or financial structures and/or\nproducts for the first time\nBelow target Exceeded\nPerformance analysis Performance analysis\nEach dollar of CEFC capital invested in 2021–22 During the 2021–22 year, 11 CEFC investment\nwas matched by an additional $2.30 in private commitments attracted new private sector market\nsector capital.\n Source: `annual-reports/2021-22.pdf (https://www.cefc.com.au/media/fq2prayo/cefc-annual-report-2021-22.pdf)`\n- Invest in innovation, clean energy technologies and infrastructure\nPerformance measure 2.1\nTotal capital committed to clean energy technologies\nTarget met\nPerformance analysis CEFC investment commitments also extended to\nlarge-scale renewables and energy storage, with\nThe CEFC made total new investment commitments\nan additional $53 million in commitments, including\nof $1.45 billion in the 2021–22 year.\n Source: `annual-reports/2021-22.pdf (https://www.cefc.com.au/media/fq2prayo/cefc-annual-report-2021-22.pdf)`\n- Target $1b–$1.5b2\nResult $1.45b\n97\n%\nTop end of target range achieved\nSection 1 – Performance 27\n Source: `annual-reports/2021-22.pdf (https://www.cefc.com.au/media/fq2prayo/cefc-annual-report-2021-22.pdf)`\n- [Page 13]\n4 | Strategy, activities and performance\nKey strategic activity Measures 2025-26 target Expected outcomes\nDeliver returns consistent\nAdjusted operating result* $220 - $240m with the Investment\nMandate\nTotal capital committed, excluding RTN ($b) $1.9 - $2.3b\nDevelopment and demonstration of the first phase of a deliberate strategic capital\nDeploy capital across our Board evaluation\nrecycling program\ninvestment portfolios and Increased supply of\nfunds to drive emission renewable energy in\nAustralia and lower\nreductions Mt estimated emissions reduction pa 0.18 – 0.23 Mt\nemissions across the\nbroader Australian\neconomy\nTWh of expected annual output of new capacity financed 2.3 – 2.8TWh\nReach contractual close on 2 to 3 RTN Projects. (This excludes projects that reached\n2 - 3\ncommercial commitment in the 2024-25 year)\nIndustry, consumers and\nHarness CEFC's role as a\n Source: `corporate-plans/2025-26.pdf (https://www.cefc.com.au/media/nwjl4ph1/cefc-2025-26-corporateplan.pdf)`\n- [Page 20]\n8 | Appendix – Performance measures\n2025-26 performance measures changes Measure 1 - Adjusted operating result\nThe performance measures adopted for 2025-26 are consistent with The adjusted operating result is the statutory accounting net surplus\nprior years, with six of the seven measures materially the same as those adjusted for (1) concessionality, (2) loan modification charges, (3) bond\nadopted for the 2024-25 year.\n Source: `corporate-plans/2025-26.pdf (https://www.cefc.com.au/media/nwjl4ph1/cefc-2025-26-corporateplan.pdf)`\n- [Page 57]\nSECTION 1 • PERFORMANCE [ 55 ]\nFigure 9: CEFC performance summary 2017-18\nCEFC FINANCE IN ACTION – ENERGY EFFICIENCY 2017-18\nPERFORMANCE CRITERION MEASURE OUTCOME\nInvestment in renewable energy, $2.3 billion against a target\nDollar value of new investment\n1 low emissions and energy of between $900 million and\ncommitments\nefficiency technology $1.1 billion\nMore than $2 billion against\nDollar value of capital deployed\na target of $650 million\nExpected carbon abatement\nA positive return to the CEFC\nfrom committed projects at\nfor each tonne of CO -e\nPlacement of funds into negative cost (i.e. positive 2\n2 emissions abatement\nAustralia’s clean energy sector return)\nActual leverage was more than\n$1.80 for every $1.00 committed\nFinancial leverage in projects\nby the CEFC, which is above\nfinanced\nthe target of $1.00 per $1.00\ncommitted by the CEFC\nTotal own-sourced, excluding\n Source: `annual-reports/2017-18.pdf (https://www.cefc.com.au/media/dbfjddjf/cefc-annual-report-2017-18.pdf)`\n- Dexus both achieved accreditation 2018–19\nfor the Science Based Targets\nThe Sustainable Cities Investment 5,098\n(SBT) in their respective real estate\nProgram has exceeded its $1 billion\nportfolios, where they are aiming Lifetime\ntarget, with the CEFC committing\nto achieve net zero emissions.\nalmost $2.9 billion to some 5,000 CEFC commitment\nQIC’s flagship Australian Shopping\nSustainable Cities opportunities at\nCentre Fund successfully trialled a\n~$971M\n30 June 2019.\n Source: `annual-reports/2018-19.pdf (https://www.cefc.com.au/media/tf5pcktv/cefc-annual-report-2018-19.pdf)`\n\n## Key Metrics\n\n| Values found | Evidence | Source |\n|---|---|---|\n| $3.9 million, 3.9 million | The Group impact on the Corporation’s\ncontracts with customers, except for operates from leased premises revenue recognition.\ncontracts within the scope of other and the application of AASB 16 will\naccounting standards such as: increase Fixed Assets and create\na) leases (AASB 16); a new Liability, on the Statement\nof Financial Position, and reduce\nb) insurance contracts (AASB 4);\nOperating Expenses and increase\nand\nFinance Charges on the Statemen | `annual-reports/2018-19.pdf (https://www.cefc.com.au/media/tf5pcktv/cefc-annual-report-2018-19.pdf)` |\n| $133 million, $85 million, 133 million, 85 million | Own source revenue was significant external debate about\nIn 2017-18 we published a major\n$133 million for 2017-18 against a the future of Australia’s energy\nmarket analysis on the potential\nbudget of $85 million. | `annual-reports/2017-18.pdf (https://www.cefc.com.au/media/dbfjddjf/cefc-annual-report-2017-18.pdf)` |\n| $28.8 million, $7.0 million, $3.2 million, 28.8 million, 7.0 million, 3.2 million | The Group\nqualitative approaches, including calculated on a weighted average operates from leased premises and\nexpert judgement. probability basis from the above the application of AASB 16 will\nscenarios to be $28.8 million increase Fixed Assets and create\nThe Group has identified the as at 30 June 2018 compared a new Liability, on the Statement\nfollowing as forward-looking to the AASB 139 impairment of Financial Position, and reduce\nmacro-econom | `annual-reports/2017-18.pdf (https://www.cefc.com.au/media/dbfjddjf/cefc-annual-report-2017-18.pdf)` |\n| $3.9 million, $2.4 million, 3.9 million, 2.4 million | A +/–50bp change in the interest rate on floating rate financial assets would have\napproximately a $3.9 million (2017: $2.4 million) impact on the reported revenue and surplus. | `annual-reports/2017-18.pdf (https://www.cefc.com.au/media/dbfjddjf/cefc-annual-report-2017-18.pdf)` |\n| $0.3 million, 0.3 million | The maximum net\nthat were issued prior to the sign-off Joint Ventures’. impact to the income statement\ndate and are applicable to future in a given year is expected to be\nAs the Group’s revenue is largely\nreporting periods are not expected approximately $0.3 million.\nderived from its investments in\nto have a future material impact on\nfinancial instruments, adoption AASB 1058 Income of Not-for-Profit\nthe Group’s financial statements.\nof AASB 15 wi | `annual-reports/2018-19.pdf (https://www.cefc.com.au/media/tf5pcktv/cefc-annual-report-2018-19.pdf)` |\n| $3.0 million, $3.9 million, 3.0 million, 3.9 million | A +/–50bp change in the interest rate on floating rate financial assets would have approximately a\n$3.0 million (2018: $3.9 million) impact on the reported revenue and surplus. | `annual-reports/2018-19.pdf (https://www.cefc.com.au/media/tf5pcktv/cefc-annual-report-2018-19.pdf)` |\n| $6.0 million, $3.0 million, 6.0 million, 3.0 million | A +/–50bp change in the interest rate on floating rate financial assets would have approximately\na $6.0 million (2019: $3.0 million) impact on the reported revenue and surplus. | `annual-reports/2019-20.pdf (https://www.cefc.com.au/media/vpcad55s/cefc_annualreport_2019-20.pdf)` |\n| $7.7 million, $6.0 million, 7.7 million, 6.0 million | A +/-50bp change in the interest rate on floating rate financial assets would have approximately\na $7.7 million (2020: $6.0 million) impact on the reported revenue and surplus. | `annual-reports/2020-21.pdf (https://www.cefc.com.au/media/dgykd5e1/cefc_annualreport_2020-21.pdf)` |\n| $51.5 million, 51.5 million | F ree cash flow from operations is defined as net cash flow\nfrom operations less capital expenditure and government\nOperating expenses of $51.5 million were lower appropriation revenue.\nthan planned, due to lower than forecast 9. | `annual-reports/2021-22.pdf (https://www.cefc.com.au/media/fq2prayo/cefc-annual-report-2021-22.pdf)` |\n| $20.5 billion, $19 billion, $1 billion, $500 million, 20.5 billion, 19 billion | Among other changes, the new Investment Mandate:\n• Provides direction for how the CEFC will invest the new budget allocations of $20.5 billion for\nRewiring the Nation ($19 billion), the Household Energy Upgrades Fund ($1 billion) and the\nPowering Australia Technology Fund ($500 million)\n• Repeals the Sustainable Cities Investment Program, the Reef Funding Program and the\nAustralian Recycling Investment Fund, and\n• Changes the benchmark rate of re | `corporate-plans/2023-24.pdf (https://www.cefc.com.au/media/nq5fmxuv/cefc_2023-24_corporateplan.pdf)` |\n| $20.5 billion, $19 billion, $1 billion, $500 million, $9.5 billion, $200 million | The Clean Energy Finance Corporation Investment Mandate Direction 2023:\n• Provides direction for how the CEFC invests the $20.5 billion budget allocation for\nRewiring the Nation ($19 billion), the Household Energy Upgrades Fund ($1 billion) and\nthe Powering Australia Technology Fund ($500 million), in addition to providing\nguidance for the General Portfolio ($9.5 billion), the Clean Energy Innovation Fund\n($200 million) and the Advancing Hydrogen | `corporate-plans/2024-25.pdf (https://www.cefc.com.au/media/pb5bl312/cefc_2024-25_corporateplan.pdf)` |\n| $6.6 billion, $19 billion, 6.6 billion, 19 billion | [pages 11,12,13]\nOKING TO THE FUTURE that the power of markets and\nThe CEFC has now made private capital must be employed,\ncumulative investment and it is our role to catalyse that\ncommitments into the clean private sector investment.\nenergy economy of more than\n$6.6 billion, to projects with a I thank our staff, our clients\ntotal value of $19 billion. and our stakeholders for their\ncontinued support, passion and\nImportantly, these investments ar | `annual-reports/2017-18.pdf (https://www.cefc.com.au/media/dbfjddjf/cefc-annual-report-2017-18.pdf)` |\n| $7,962\n, $590,665\n, $7,430 | Figure 15: Indemnities and insurance premiums for officers 2017-18\nPremium/\nIndemnity/Insurance Officers Included Period of Coverage Fees Paid\nComcover indemnity All Board members and Officers 1 July 2017 to 30 June 2018 $7,962\nfor Directors and\nOfficers\nDeed of Access, All Board members, the CEFC Date of execution until Nil:\nIndemnity and Executive and staff appointed by seven years after ceasing indemnity\nInsurance CEFC to an external directors | `annual-reports/2017-18.pdf (https://www.cefc.com.au/media/dbfjddjf/cefc-annual-report-2017-18.pdf)` |\n| $4.2 million, $0.25 million, 4.2 million, 0.25 million | This when AASB 16 comes into\nincrease in impairment provision effect on 1 July 2019, we expect\nFor AASB 9 impairment is the result of the application of to disclose both a right-to-use\nprovisioning purposes, the Group’s a probability weighted outcome asset and a lease liability of\nAmortised Cost portfolio has been based on multiple scenarios approximately $4.2 million each.\nstratified into eight segments and incorporating alternative forward- The | `annual-reports/2017-18.pdf (https://www.cefc.com.au/media/dbfjddjf/cefc-annual-report-2017-18.pdf)` |\n| $4.5 million, 4.5 million | [Page 141]\nSECTION 3 • FINANCIAL STATEMENTS [ 139 ]\n8.1B: Major Budget Variance for 2017-18\nAffected Line Items Explanations of Major Variances\nConsolidated Statement of Comprehensive Income:\nEmployee benefits The Group has spent $4.5 million less than Budget on employee benefits. | `annual-reports/2017-18.pdf (https://www.cefc.com.au/media/dbfjddjf/cefc-annual-report-2017-18.pdf)` |\n| $188 million, 188 million | [Page 142]\n[ 140 ] CEFC ANNUAL REPORT 2018\nNotes to Consolidated\nFinancial Statements\nNote 8: Other Information continued\nCLEAN ENERGY FINANCE CORPORATION\nAffected Line Items Explanations of Major Variances\nConsolidated Statement of Financial Position:\nCash and cash Cash and cash equivalents are $188 million higher than Budget as two\nequivalents investments that were expected to reach financial close and draw down\nin June 2018 have experienced mi | `annual-reports/2017-18.pdf (https://www.cefc.com.au/media/dbfjddjf/cefc-annual-report-2017-18.pdf)` |\n| $1,271 million, $1,150 million, $81 million, 1,271 million, 1,150 million, 81 million | [Page 143]\nSECTION 3 • FINANCIAL STATEMENTS [ 141 ]\nAffected Line Items Explanations of Major Variances\nConsolidated Statement of Changes in Equity:\nTotal equity Total Equity at 30 June 2018 is $1,271 million higher than Budget primarily due\nto the contributed equity exceeding Budget by $1,150 million and the retained\nsurplus at 30 June 2018 exceeding budget by $81 million. | `annual-reports/2017-18.pdf (https://www.cefc.com.au/media/dbfjddjf/cefc-annual-report-2017-18.pdf)` |\n| $1.6, $2.0, $210m, $230m | Key Activity Performance Measure 2024-25 Target Expected Outcomes\nIncreased supply of\nDeploy capital Total capital committed (excluding RTN) $1.6b - $2.0b renewable energy in\nacross our Australia and lower\ninvestment TWh of expected annual output of new 1.8TWh – emissions across the\nportfolio and capacity unlocked through CEFC 2.5TWh broader Australian\nfunds to drive financing economy\naction across\nour strategic Mt estimated emissions reductions | `corporate-plans/2024-25.pdf (https://www.cefc.com.au/media/pb5bl312/cefc_2024-25_corporateplan.pdf)` |\n| $219.6 million, $174.6 million, 219.6 million, 174.6 million | Financial sustainability\nPerformance measure 3.1 Performance measure 3.2\nTotal operating result adjusted for concessionality, Free cash flows from operations after the implied\nloan modification charges, bond revaluations and costs of funds\nInnovation Fund revaluations5\nExceeded Exceeded\nPerformance analysis Performance analysis\nThe adjusted operating result of $219.6 million Free cash flows from operations8 for the 12 months\nwas significantly bet | `annual-reports/2021-22.pdf (https://www.cefc.com.au/media/fq2prayo/cefc-annual-report-2021-22.pdf)` |\n| $159m, $92m, $1, 5.29 per cent, 5.39 per cent, 6.39 per cent | Figure 16: CEFC performance summary\nCriteria Measure Outcome 2018–19\nImpact\nOperating result* Financial operating result $159m against $92m target\nPerformance against portfolio Optimise portfolio returns while The core portfolio cumulative return\nbenchmark return set by recognising the Corporation’s from inception to 30 June 2019 was\nthe government in the 2018 public policy purpose, and taking all 5.29 per cent against a benchmark\nInvestment Mand | `annual-reports/2018-19.pdf (https://www.cefc.com.au/media/tf5pcktv/cefc-annual-report-2018-19.pdf)` |\n\n## Key Achievements\n\n- Build accountability and transparency – Contact Reconciliation Australia to request 1 August, Associate Director,\nthrough reporting RAP achievements, our unique link, to access the online RAP 2022 and 2023 Clean Futures Team\nchallenges and learnings both internally Impact Measurement Questionnaire.\nand externally.\n– Complete and submit the annual RAP 30 September, Associate Director,\nImpact Measurement Questionnaire to 2022 and 2023 Clean Futures Team\nReconciliation Australia.\n– RAP progress will be reported to all June, Associate Director,\nstaff and senior leaders quarterly via September, Clean Futures Team\nleadership updates, staff townhalls and December\nintranet articles.\n Source: `strategies/cefc-innovate-rap.pdf (https://www.cefc.com.au/media/nasb5j4x/cefc-innovate-rap.pdf)`\n- [Page 10]\n4 | Strategy, activities and performance\nStrategic To facilitate increased flows of finance into the clean energy sector and the achievement of\nPurpose\nAustralia’s greenhouse gas emissions reduction targets\nframework\nValues Impact Collaboration Integrity Innovation\nOur purpose is\n1 | Deploy capital across our investment portfolios and funds to drive emission reductions\ndelivered through Key Activities\nliving our values as we\n2 | Harness CEFC's role as a leader to drive emission reductions beyond our investments\ngo about our key\nactivities, focussing\nour Investment Funds Drive cleaner, greener Transform energy and Make better use of our\nInvestment Priorities\nand Portfolios on the energy to deliver net zero resource use to lower emissions land to close the emissions gap\nthree investment\npriority areas that will\no Invest in low emission agriculture\ndeliver outcomes.\n Source: `corporate-plans/2025-26.pdf (https://www.cefc.com.au/media/nwjl4ph1/cefc-2025-26-corporateplan.pdf)`\n- [Page 13]\nSection 1 – Performance 11\nCEFC strategy 12 Case\nstudies\nDecarbonisation pathways 13\nInvestment trends 14 Green MVE sets sights on Renewable energy milestones 30\nASX 300 15\nAustralia’s specialist clean New shoots for green bonds 31\nenergy investor 16 Equity boost for\nstorage, hydro 15 Fresh approach\nInvestment highlights 18 from Woolworths 31\nGreenSync Cleantech 100 24\nPortfolio impact 19 Red bins find their super power 34\nOmni Tanker sets sail 25\nCommitments in 2018–19 20 Second life for kerbside waste 34\nCarbon Revolution wheels\nInvestment Mandate Directions 22 are turning 25 Warada joint venture blossoms 35\nBuilding a stronger grid for Harvesting clean Qube marks major milestone 39\na low emissions economy 23 energy benefits 27\nSustainable on-farm\nCleantech innovation 24 Collaboration gets practical 27 management 40\n Source: `annual-reports/2018-19.pdf (https://www.cefc.com.au/media/tf5pcktv/cefc-annual-report-2018-19.pdf)`\n- Figure 3: Strategy overview\nPurpose To facilitate increased flows of finance into the clean energy sector\nand to facilitate the achievement of Australia’s greenhouse gas\nreduction targets\nInvestment funds Rewiring the Nation Fund\nGeneral Portfolio\nSpecialised Investment Funds*\nInvestment goals -1- -2- -3-\nDrive cleaner, Transform energy and Make better use of\ngreener energy to resource use to lower our land to close\nunderpin the net emissions the emissions gap\nzero economy\nInvestment impact Decarbonise energy Efficient use of energy and Natural capital and\nmaterials and increased carbon sequestration\nenergy performance\nKey activities Transform our electricity Drive electrification and Invest in low emission\ngrid energy performance agriculture\nSignificantly increase Encourage fuel switching Identify and promote\nrenewable energy and electric vehicles sustainable land use\n Source: `corporate-plans/2023-24.pdf (https://www.cefc.com.au/media/nq5fmxuv/cefc_2023-24_corporateplan.pdf)`\n- Figure 3: Strategic framework\nPurpose To facilitate increased flows of finance into the clean energy sector and\nto facilitate the achievement of Australia’s greenhouse gas reduction\ntargets\nKey Deploy capital across our investment portfolios and funds to drive action on our\nActivities strategic priorities and deliver emission reductions\nHarness our role as a leader to deliver emissions reductions beyond our\ninvestments\nValues Impact Collaboration Integrity Innovation\nStrategic\nPriorities\nTransform energy and\nresource use to lower\nemissions\nGP\nPortfolios\nand Funds PATF\nCEIF\nRTN AHF HEUF\nHow we Transform our electricity Drive electrification and Invest in low emissions\nexpect to grid energy performance agriculture\ninvest\nnear-term Significantly increase Encourage fuel switching Identify and promote\nrenewable energy and electric vehicles sustainable land use\ngeneration solutions\n Source: `corporate-plans/2024-25.pdf (https://www.cefc.com.au/media/pb5bl312/cefc_2024-25_corporateplan.pdf)`\n- Our investment in\nestimated 260 million tonnes of Australia’s first large scale energy-\nCO -e over their lifetime, making from-waste plant in Kwinana\n2\na considerable contribution to the near Perth is a great example of\nNew commitments\nnational emissions reduction effort. innovation, delivering better waste\n2018–19\nDuring the past year we have management as well as clean\nalso seen the ongoing maturity energy to power local communities.\nof the renewables sector, with When operational, the plant\n6.3\nthe Renewable Energy Target will produce cost-competitive\n~$ B of 33,000 GWh delivered some baseload renewable energy for the\n12 months ahead of schedule, WA South West Interconnected\nreflecting the dynamic wind and System, producing 36MW of\nTransaction value solar markets across the country. electricity – enough to power up\n2018–19 to 50,000 homes.\n Source: `annual-reports/2018-19.pdf (https://www.cefc.com.au/media/tf5pcktv/cefc-annual-report-2018-19.pdf)`\n- [pages 10,11,12,13]\nRenewable Energy Target will produce cost-competitive\n~$ B of 33,000 GWh delivered some baseload renewable energy for the\n12 months ahead of schedule, WA South West Interconnected\nreflecting the dynamic wind and System, producing 36MW of\nTransaction value solar markets across the country. electricity – enough to power up\n2018–19 to 50,000 homes.\n Source: `annual-reports/2018-19.pdf (https://www.cefc.com.au/media/tf5pcktv/cefc-annual-report-2018-19.pdf)`\n- [Page 42]\n40 CEFC Annual Report 2018 –19\nSustainable on-farm\nmanagement\nTogether with the CSIRO and During 2018–19, the 3EAC focused\nMacquarie Infrastructure and on projects to lower emissions and\nReal Assets (MIRA), we were improve on-farm performance\npleased to progress our work through three priority pathways.\nin identifying sustainable See Figure 17.\non-farm management\nThis work is designed to be\npractices in 2018–19.\n Source: `annual-reports/2018-19.pdf (https://www.cefc.com.au/media/tf5pcktv/cefc-annual-report-2018-19.pdf)`\n- Setting firm emissions reduction Sustainability outcomes can be Investments in energy efficiency\ntargets challenges decision maximised when decision makers, can deliver commercially\nmakers to identify and evaluate design teams and contractors positive benefits in addition to\ninnovative and alternative cross collaborate from the beginning the achievement of targeted\ndiscipline solutions to drive of the project emissions reduction\nsustainability performance\nFigure 20: CEFC Investment Insights 2019–20\nOur report What we achieved\nClean energy and Energy efficiency initiatives at Sydney’s new 315 apartment LIV Indigo\nbuilt-to-rent housing complex are on track to unlock annual energy savings of $337,000 (at current\nprices), with the benefits equally shared between tenants and owners.\n Source: `annual-reports/2019-20.pdf (https://www.cefc.com.au/media/vpcad55s/cefc_annualreport_2019-20.pdf)`\n- [Page 21]\nSection 1 – Performance 19\nPerformance statement and analysis 20\nInvestment commitments: 2020–21 28\nInvesting Australia-wide 30\nDecarbonisation pathways 32\nLow carbon electricity 34\nTransforming transmission 34\nInvestment highlights 36\nRenewable energy 38\nAmbitious energy efficiency 40\nTransforming our built environment 40\nInvestment highlights 41\nElectrification and fuel switching 44\nTransforming our sustainable economy 44\nInvestment highlights 45\nReducing non-energy emissions 46\nTransformation through technology 46\nInvestment highlights 47\nEquity investment portfolio 50\nTransforming substantial asset portfolios 50\nInvestment highlights 51\nAsset finance programs deliver 52\nClean Energy Innovation Fund 54\nAdvancing Hydrogen Fund 58\nAustralian Recycling Investment Fund 59\nSustainable Cities Investment Program 60\nReef Funding Program 61\nMarket trends and risk 62\n Source: `annual-reports/2020-21.pdf (https://www.cefc.com.au/media/dgykd5e1/cefc_annualreport_2020-21.pdf)`\n- The CEFC delivered a strong performance in 2020–21, Performance measures\nachieving or exceeding key strategic goals while\nThe 2020–21 performance was measured against the\nmaintaining its commercially rigorous approach to\nperformance targets established in the 2020–21 CEFC\ninvestment and risk matters.\n Source: `annual-reports/2020-21.pdf (https://www.cefc.com.au/media/dgykd5e1/cefc_annualreport_2020-21.pdf)`\n- The review considered: Investments by the Clean Energy Finance Corporation,\nissued on 17 December 2020, found that the CEFC:\n– Whether the CEFC complied with the CEFC Act in\nawarding seed funding to RateSetter in 2016–17 – Has suitable arrangements in place to assess\nand approve investments and for their ongoing\n– The role of the CEFC in the appointment of\nmanagement\nRateSetter as delivery partner for the SA Home\nBattery Program and the pilot NSW Empowering – Has met its legislative requirement to invest at least\nHomes Program 50 per cent of funds into renewable technologies\n– Arrangements for current and future projects – Has not yet met either of the target medium to\nbetween the CEFC and RateSetter. long-term benchmark rates of return set by the\nInvestment Mandate\nIn its final report, released on 29 September 2020, the\n Source: `annual-reports/2020-21.pdf (https://www.cefc.com.au/media/dgykd5e1/cefc_annualreport_2020-21.pdf)`\n\n## Key Issues, Risks, and Recommendations\n\n- [pages 7,8,9]\nthe CEFC’s privacy and data security\nrisk exposures\nfraud and theft\no\nrelevant business risks not dealt with by other Board committees\no\n− receiving reports concerning material and actual incidents within the\nrisk areas above and ensuring that macro risks are reported to the\nBoard at least annually\n− conducting investigations of breaches or potential breaches of\ninternal controls, and incidents within the risk areas above, particularly\nin relation to accounts and financial reporting\n− examining and evaluating the effectiveness of the internal control\nsystem with management and internal and external auditors and\noverseeing improvements and the implementation of any internal\ncontrol recommendations endorsed by the Committee\nCEFC Audit and Risk Committee Charter – February 2026 cefc.com.au 6\n Source: `other-pdfs/cefc-audit-and-risk-committee-charter-february-2026.pdf (https://www.cefc.com.au/media/pncejhqb/cefc-audit-and-risk-committee-charter-february-2026.pdf)`\n- Figure 11: Board committee memberships 2017-18\nBoard Members People and Culture Committee Audit and Risk Committee\nLeeanne Bond Member (appointed August 2017)\nPhilip Coffey Member (appointed February 2018)\nMember (February 2018 to May 2018)\nLaura Reed Chair (appointed May 2018)\nAndrea Slattery Member (appointed February 2018)\nSamantha Tough Chair (appointed August 2017)\nNicola Wakefield Evans Member (appointed September 2017)\nJillian Broadbent AO Member (until August 2017)\nPaul Binsted Interim Chair (July to August 2017) Chair (until May 2018)\nIan Moore Member (until September 2017)\nAnna Skarbek Member (until August 2017)\nAndrew Stock Chair (until August 2017)\nMartijn Wilder AM Member (until February 2018)\n Source: `annual-reports/2017-18.pdf (https://www.cefc.com.au/media/dbfjddjf/cefc-annual-report-2017-18.pdf)`\n- Figure 12: Board member meeting attendance 2017-18\nPEOPLE AND CULTURE AUDIT AND RISK\nBOARD MEMBERS BOARD COMMITTEE COMMITTEE\nEligible to Eligible to Eligible to\nAttended attend Attended attend Attended attend\nSteven Skala AO 9 9 – – – –\nLeeanne Bond 9 9 3 3 – –\nPhilip Coffey 4 4 – – 2 2\nLaura Reed 3 4 – – 1 2\nAndrea Slattery 4 4 2 2 – –\nSamantha Tough 9 9 3 3 – –\nNicola Wakefield Evans 8 9 – – 3 3\nJillian Broadbent AO 1 2 1 1 – –\nPaul Binsted 7 7 – – 3 3\nIan Moore 2 2 – – 2 2\nAnna Skarbek 2 2 1 1 – –\nAndrew Stock 2 2 1 1 – –\nMartijn Wilder AM 7 7 – – 2 3\n Source: `annual-reports/2017-18.pdf (https://www.cefc.com.au/media/dbfjddjf/cefc-annual-report-2017-18.pdf)`\n- Figure 21: Board member meeting attendance 2018–19\nBoard members Board Audit and Risk Committee People and Culture Committee\nAttended Eligible to Attended Eligible to Attended Eligible to\nattend attend attend\nSteven Skala AO 9 9 5 5* 3 3*\nLeeanne Bond 9 9 3 5* 3 3\nPhilip Coffey 9 9 5 5 1 3*\nLaura Reed 8 9 5 5 0 3*\nAndrea Slattery 9 9 4 5* 3 3\nSamantha Tough 9 9 4 5* 3 3\nNicola Wakefield Evans 9 9 4 5 0 3*\n* Attendance optional for non-committee members.\n Source: `annual-reports/2018-19.pdf (https://www.cefc.com.au/media/tf5pcktv/cefc-annual-report-2018-19.pdf)`\n- Figure 21: Board committee memberships 2019–20\nBoard Member Audit and Risk Committee People and Culture Committee\nLeeanne Bond Member\nPhilip Coffey Member\nLaura Reed Chair\nAndrea Slattery Member\nSamantha Tough Chair\nNicola Wakefield Evans Member\nMeeting attendance\nIn 2019–20 there were nine Board meetings and a further (five plus five) 10 Board Committee meetings.\n Source: `annual-reports/2019-20.pdf (https://www.cefc.com.au/media/vpcad55s/cefc_annualreport_2019-20.pdf)`\n- Figure 22: Board member meeting attendance 2019–20\nBoard member Board meeting Audit and Risk Committee People and Culture Committee\nEligible Eligible Eligible\nAttended to attend Attended to attend Attended to attend\nSteven Skala AO 9 9 5 5* 5 5*\nLeeanne Bond 9 9 4 5* 4 5\nPhilip Coffey 9 9 5 5 2 5*\nLaura Reed 8 9 5 5 0 5*\nAndrea Slattery 9 9 5 5* 5 5\nSamantha Tough 9 9 3 5* 5 5\nNicola Wakefield Evans 9 9 5 5 0 5*\n* Attendance optional for non committee members.\n Source: `annual-reports/2019-20.pdf (https://www.cefc.com.au/media/vpcad55s/cefc_annualreport_2019-20.pdf)`\n- [Page 2]\nCEFC Annual Report 2020–21\nIn this report\nOur mission and values 02\nLeading investment, delivering returns 04\nInvesting with commercial rigour 08\nOur leaders 10\nOur strategy 14\nPerformance 18\nPerformance statement and analysis 20\nLow carbon electricity 34\nAmbitious energy efficiency 40\nElectrification and fuel switching 44\nReducing non-energy emissions 46\nGovernance 72\nOur Board 73\nOur Executives 81\nOur People 84\nRisk management 89\nFinancial information 98\nSummary financial data 100\nIndependent audit report 102\nConsolidated statements 106\nNotes to the financial statements 112\nAppendices 172\nCover image About this report Acknowledgement of Country\nMallacoota Lake, The CEFC Annual Report for The CEFC acknowledges the\nGippsland, 2020–21 provides detailed Traditional Owners of Country\nVictoria information about our throughout Australia and recognises\n Source: `annual-reports/2020-21.pdf (https://www.cefc.com.au/media/dgykd5e1/cefc_annualreport_2020-21.pdf)`\n- [Page 73]\nSection 2 – Governance 7711\nGovernance 72\nOur Board 73\nBoard operations 76\nBoard committees 76\nHow we operate 80\nOur Executive 81\nOur People 84\nExecutive committees 84\nTerms of employment 84\nStructure 84\nDiversity and inclusion 87\nReconciliation Action Plan 88\nRisk management 89\nLegislative and government information 90\nCEFC Act 90\nResponsible and nominated Ministers 90\nMinisterial powers of direction 91\nJudicial decisions and parliamentary\ncommittees 91\nProcurement 92\nOther legislation, policies and\ngovernance events 94\nPGPA Act 94\nModern Slavery Act 2018 94\nOther government policy 94\nIndependent review of investment decision 95\nANAO performance audit 95\n Source: `annual-reports/2020-21.pdf (https://www.cefc.com.au/media/dgykd5e1/cefc_annualreport_2020-21.pdf)`\n- Figure 9: Board member meeting attendance 2020–21\nBoard Audit and Risk Committee People and Culture Committee\nEligible Eligible Eligible\nAttended to attend Attended to attend Attended to attend\nSteven Skala AO 9 9 4 5* 4 6*\nLeeanne Bond 8 9 3 5* 6 6\nPhilip Coffey 9 9 5 5 1 6*\nLaura Reed 8 9 5 5 1 6*\nAndrea Slattery 9 9 5 5* 5 6\nSamantha Tough 9 9 2 5* 6 6\nNicola Wakefield Evans 9 9 5 5 0 6*\n* Represents non-committee members, whose attendance is optional.\n Source: `annual-reports/2020-21.pdf (https://www.cefc.com.au/media/dgykd5e1/cefc_annualreport_2020-21.pdf)`\n- [Page 87]\nSection 2 – Governance 85\nFigure 13: CEFC organisational structure 2020–21\nCEFC Board\nAudit and Risk People and Culture\nCommittee Committee\nIan Learmonth\nChief Executive Officer\nPaul Ludovic Sara Michael Jay Andrew Leanne\nMcCartney Theau Leong Johnston Tolson Powell McDonald\nChief Clean Chief Chief Asset Chief Risk General Counsel Chief Financial Chief People\nFutures Officer Investment Management Officer and Company Officer and Culture\nOfficer Officer Secretary Officer\nLong-term Origination Asset and Investment Corporate Financial Values\ninvestment strategy portfolio and credit risk legal reporting and culture\nstrategy management\nInvestor Investment Transaction Budgeting Remuneration\nEmerging relations Innovation policies legal and forecasts\nsectors Fund Recruitment\nInvestment Corporate Company Treasury\nNation building streams and Capital planning secretariat and cash Wellness\n Source: `annual-reports/2020-21.pdf (https://www.cefc.com.au/media/dgykd5e1/cefc_annualreport_2020-21.pdf)`\n- The review considered: Investments by the Clean Energy Finance Corporation,\nissued on 17 December 2020, found that the CEFC:\n– Whether the CEFC complied with the CEFC Act in\nawarding seed funding to RateSetter in 2016–17 – Has suitable arrangements in place to assess\nand approve investments and for their ongoing\n– The role of the CEFC in the appointment of\nmanagement\nRateSetter as delivery partner for the SA Home\nBattery Program and the pilot NSW Empowering – Has met its legislative requirement to invest at least\nHomes Program 50 per cent of funds into renewable technologies\n– Arrangements for current and future projects – Has not yet met either of the target medium to\nbetween the CEFC and RateSetter. long-term benchmark rates of return set by the\nInvestment Mandate\nIn its final report, released on 29 September 2020, the\n Source: `annual-reports/2020-21.pdf (https://www.cefc.com.au/media/dgykd5e1/cefc_annualreport_2020-21.pdf)`\n- In this report\nMarking 10 years 02 Performance 22\nA decade driving decarbonisation, Where we invest 34\ntransforming our economy 04\nESG report 80\nAustralia’s decarbonisation challenge 06\nGovernance 98\nInvestment leadership, commercial\nAbout the CEFC 100\nimpact, economic reach 08\nCEFC Board 101\nClear focus, strong ambition to\nCEFC Executive 110\ntransform our emissions landscape 10\nOur people 113\nOur leaders 12\nRisk management 116\nOur Chair and CEO report 12\nFinancial information 124\nAbout the CEFC 16\nSummary financial data 126\nMarket drivers, investment priorities,\nperformance measures: 2021–22 16 Independent auditor’s report 129\nInvestment commitments Consolidated Statements 132\nin detail: 2021–22 18 Notes to Consolidated Financial\nStatements 136\nNational investment approach,\nAustralia-wide impact 20 Appendices 200\nAcknowledgement of Country\nThe CEFC acknowledges the Traditional\n Source: `annual-reports/2021-22.pdf (https://www.cefc.com.au/media/fq2prayo/cefc-annual-report-2021-22.pdf)`\n- [Page 101]\nGovernance\nIn this section\nAbout the CEFC 100 Legislative and government information 118\nPurpose 100 CEFC Act 118\nCEFC Board 101 Responsible and nominated Ministers 118\nBoard operations 105 Ministerial powers of direction 119\nBoard Audit and Risk Committee 105 Investment Mandate Directions 119\nBoard People and Culture Committee 105 CEFC Special Account directions 119\nCommittee membership 106 Government Policy Orders 119\nBoard meeting attendance 106 Statement of compliance 119\nBoard remuneration and allowances 107 Judicial decisions and parliamentary\ncommittees 119\nTravel and expense reimbursement 107\nProcurement 120\nRelated entity transactions 107\nOther legislation, policies\nIndemnities and insurance premiums 108\nand governance events 122\nComcover and Comcare insurance 108\nPGPA Act 122\nHow we operate 109\nOther government policy 122\nCEFC Executive 110\n Source: `annual-reports/2021-22.pdf (https://www.cefc.com.au/media/fq2prayo/cefc-annual-report-2021-22.pdf)`\n- Figure 3: Board committee memberships 2021–22\nBoard Member Audit and Risk Committee People and Culture Committee\nLeeanne Bond Member\nPhilip Coffey Member: until May 2022\nMatthew Howell Member: from May 2022\nDavid Jones AM Member: from May 2022\nLaura Reed Chair: until May 2022\nAndrea Slattery Member: from May 2022 Member\nSamantha Tough Chair\nNicola Wakefield Evans Member: until May 2022\nChair: from May 2022\nBoard meeting attendance\nDuring the year, the CEFC Board held nine meetings, the Audit and Risk Committee held five meetings and the\nPeople and Culture committee held six meetings.\n Source: `annual-reports/2021-22.pdf (https://www.cefc.com.au/media/fq2prayo/cefc-annual-report-2021-22.pdf)`\n\n## Corporate Values and Operating Culture\n\n- 1\nPurpose To facilitate increased flows of\nfinance into the clean energy sector\n2 3 4\nValues Strategic Key\nobjectives activities\nCatalyse private − Leverage private capital into transactions Financial leverage – ratio of private sector 2.5 : 1 – 3.0: 1\n$ $ $ $\ncapital to CEFC capital\nsector capital − Draw in new sources of capital into\nthe clean energy sector\nCatalyse increased private sector\ncapital flowing to the Australian − Further leverage our expertise, research and case Amount of new capital leveraged / unlocked 250 – 400\nthat invests in Australian clean energy $ m $ m\nImpact clean energy sector and attract studies to attract new investors and broaden our\ntechnology, business model or financial\nnew investor classes. impact on emissions reduction across the economy.\nstructures / products for the first time\n Source: `corporate-plans/2021-22.pdf (https://www.cefc.com.au/media/pfupku4s/cefc_2021-22_corporateplan.pdf)`\n- Figure 3: Strategy overview\nPurpose To facilitate increased flows of finance into the clean energy sector\nand to facilitate the achievement of Australia’s greenhouse gas\nreduction targets\nInvestment funds Rewiring the Nation Fund\nGeneral Portfolio\nSpecialised Investment Funds*\nInvestment goals -1- -2- -3-\nDrive cleaner, Transform energy and Make better use of\ngreener energy to resource use to lower our land to close\nunderpin the net emissions the emissions gap\nzero economy\nInvestment impact Decarbonise energy Efficient use of energy and Natural capital and\nmaterials and increased carbon sequestration\nenergy performance\nKey activities Transform our electricity Drive electrification and Invest in low emission\ngrid energy performance agriculture\nSignificantly increase Encourage fuel switching Identify and promote\nrenewable energy and electric vehicles sustainable land use\n Source: `corporate-plans/2023-24.pdf (https://www.cefc.com.au/media/nq5fmxuv/cefc_2023-24_corporateplan.pdf)`\n- Figure 3: Strategic framework\nPurpose To facilitate increased flows of finance into the clean energy sector and\nto facilitate the achievement of Australia’s greenhouse gas reduction\ntargets\nKey Deploy capital across our investment portfolios and funds to drive action on our\nActivities strategic priorities and deliver emission reductions\nHarness our role as a leader to deliver emissions reductions beyond our\ninvestments\nValues Impact Collaboration Integrity Innovation\nStrategic\nPriorities\nTransform energy and\nresource use to lower\nemissions\nGP\nPortfolios\nand Funds PATF\nCEIF\nRTN AHF HEUF\nHow we Transform our electricity Drive electrification and Invest in low emissions\nexpect to grid energy performance agriculture\ninvest\nnear-term Significantly increase Encourage fuel switching Identify and promote\nrenewable energy and electric vehicles sustainable land use\ngeneration solutions\n Source: `corporate-plans/2024-25.pdf (https://www.cefc.com.au/media/pb5bl312/cefc_2024-25_corporateplan.pdf)`\n- Figure 19: Procurement contracts 2017-18\nContract FY18 Value\nValue: Expensed: Contracting\nContract Date $ $ Party Purpose\nJune 2013 590,665 73,783 Marsh Pty Ltd D&O Insurance for period 14 June 2013\nto 14 June 2021\nJune 2015 555,591 213,983 Technology 5-year License Fees, 3-year minimum\nOne Ltd maintenance and support, initial\nimplementation costs and cloud service\nfee for TechnologyOne software\nJuly 2015 723,377 (51,994) The Uniting Lease of premises at Level 8,\nChurch in 140 Ann Street, Brisbane from\nAustralia 15 July 2015 to 14 July 2018:\nProperty surrendered in May 2018 resulting\nTrust (Q.) in a refund of two months’ rental\nMarch 2016 4,331,218 766,244 Dexus Property Lease of premises at Level 17,\nGroup 1 Bligh Street, Sydney from\n1 March 2016 to 28 February 2021\nMay 2017 102,534 85,209 Deloitte Touche Information security strategy, policies\nTohmatsu and awareness\n Source: `annual-reports/2017-18.pdf (https://www.cefc.com.au/media/dbfjddjf/cefc-annual-report-2017-18.pdf)`\n- [Page 10]\n4 | Strategy, activities and performance\nStrategic To facilitate increased flows of finance into the clean energy sector and the achievement of\nPurpose\nAustralia’s greenhouse gas emissions reduction targets\nframework\nValues Impact Collaboration Integrity Innovation\nOur purpose is\n1 | Deploy capital across our investment portfolios and funds to drive emission reductions\ndelivered through Key Activities\nliving our values as we\n2 | Harness CEFC's role as a leader to drive emission reductions beyond our investments\ngo about our key\nactivities, focussing\nour Investment Funds Drive cleaner, greener Transform energy and Make better use of our\nInvestment Priorities\nand Portfolios on the energy to deliver net zero resource use to lower emissions land to close the emissions gap\nthree investment\npriority areas that will\no Invest in low emission agriculture\ndeliver outcomes.\n Source: `corporate-plans/2025-26.pdf (https://www.cefc.com.au/media/nwjl4ph1/cefc-2025-26-corporateplan.pdf)`\n- [pages 9,10,11]\nd carbon sequestration\nenergy performance\nKey activities Transform our electricity Drive electrification and Invest in low emission\ngrid energy performance agriculture\nSignificantly increase Encourage fuel switching Identify and promote\nrenewable energy and electric vehicles sustainable land use\ngeneration solutions\nBack low emissions design\nBuild out large-scale solutions Accelerate land based\nenergy storage carbon sequestration\nInvest in low emissions\nBack the renewables supply chains Support carbon\nsupply chain markets, the Safeguard\nMechanism and\nvoluntary markets\nOur Values Impact Collaboration Integrity Innovation\n* Clean Energy Innovation Fund, Advancing Hydrogen Fund, Powering Australia Technology Fund and the\nHousehold Energy Upgrades Fund\nCEFC Corporate Plan 2023-24 cefc.com.au 9\n Source: `corporate-plans/2023-24.pdf (https://www.cefc.com.au/media/nq5fmxuv/cefc_2023-24_corporateplan.pdf)`\n- Role of the Committee\nThe role of the Committee is to assist the Board to discharge its\nresponsibilities under the CEFC Act, Clean Energy Finance Corporation\nInvestment Mandate Direction 2023 (as amended or replaced from time\nto time in accordance with section 64(1) of the CEFC Act), the PGPA Act\nand the Public Governance, Performance and Accountability Rule 2014\n(Cth) (PGPA Rules) (as amended) in respect of financial reporting,\nperformance reporting, risk oversight and management, internal control\nand compliance with relevant laws, including oversight of:\n− the integrity of the CEFC external regulatory reporting including but\nnot limited to financial reporting, financial statements and climate-\nrelated disclosures\n− the appropriateness of the CEFC performance reporting\n− the effectiveness of the CEFC system of risk management, internal\ncontrols and compliance function\n Source: `other-pdfs/cefc-audit-and-risk-committee-charter-february-2026.pdf (https://www.cefc.com.au/media/pncejhqb/cefc-audit-and-risk-committee-charter-february-2026.pdf)`\n- [Page 2]\n2\nIn this report\nStrategy, activities\nand performance Operating\nPurpose measures context\n03 05 12\nAbout us 3 Strategy influences 5 Environment 12\nStatement of preparation 3 Investment approach 6 Capability 13\nOur investments 4 Investment Mandate directions 7 Risk oversight and\nmanagement 14\nStrategic objectives,\nactivities and values 8 Collaboration 15\nPerformance indicators and targets 9 Subsidiaries 15\nQualitative performance factors 9\nAligned investment focus 10\nAcknowledgement of Country\nThe CEFC acknowledges the Traditional\nCustodians of Country throughout Australia\nand recognises their continuing connection\nto land, waters and culture.\n Source: `corporate-plans/2021-22.pdf (https://www.cefc.com.au/media/pfupku4s/cefc_2021-22_corporateplan.pdf)`\n\n## Global Ideas and Case Study Inputs\n\nGlobal source texts are available for later idea synthesis:\n- `global-intelligence/source-text/association-worldbank.org-governance.txt`\n- `global-intelligence/source-text/consulting-deloitte.com-government-public.txt`\n- `global-intelligence/source-text/university-ash.harvard.edu-Harvard-Kennedy-School-Ash-Center.txt`\n\n## Source Artifacts Used\n\n- `corporate-plans/2021-22.pdf` - corporate-plans - https://www.cefc.com.au/media/pfupku4s/cefc_2021-22_corporateplan.pdf\n- `corporate-plans/2022-23.pdf` - corporate-plans - https://www.cefc.com.au/media/nazlh3hc/cefc_2022-23_corporateplan.pdf\n- `corporate-plans/2023-24.pdf` - corporate-plans - https://www.cefc.com.au/media/nq5fmxuv/cefc_2023-24_corporateplan.pdf\n- `corporate-plans/2024-25.pdf` - corporate-plans - https://www.cefc.com.au/media/pb5bl312/cefc_2024-25_corporateplan.pdf\n- `corporate-plans/2025-26.pdf` - corporate-plans - https://www.cefc.com.au/media/nwjl4ph1/cefc-2025-26-corporateplan.pdf\n- `annual-reports/2017-18.pdf` - annual-reports - https://www.cefc.com.au/media/dbfjddjf/cefc-annual-report-2017-18.pdf\n- `annual-reports/2018-19.pdf` - annual-reports - https://www.cefc.com.au/media/tf5pcktv/cefc-annual-report-2018-19.pdf\n- `annual-reports/2019-20.pdf` - annual-reports - https://www.cefc.com.au/media/vpcad55s/cefc_annualreport_2019-20.pdf\n- `annual-reports/2020-21.pdf` - annual-reports - https://www.cefc.com.au/media/dgykd5e1/cefc_annualreport_2020-21.pdf\n- `annual-reports/2021-22.pdf` - annual-reports - https://www.cefc.com.au/media/fq2prayo/cefc-annual-report-2021-22.pdf\n- `strategies/cefc-innovate-rap.pdf` - strategies - https://www.cefc.com.au/media/nasb5j4x/cefc-innovate-rap.pdf\n- `reviews/cefc-statutory-review-deloitte-october-2018.pdf` - reviews - https://www.cefc.com.au/media/jctjn1by/cefc-statutory-review-deloitte-october-2018.pdf\n- `reviews/statutory-review-cefc-submission-february-2018.pdf` - reviews - https://www.cefc.com.au/media/390709/statutory-review-cefc-submission-february-2018.pdf\n- `pages/about.html` - pages - https://www.cefc.com.au/about-us/\n- `pages/annual-reports-index.html` - pages - https://www.cefc.com.au/market-insights/statutory-reports/\n- `pages/annual-reports-index__00.html` - pages - https://www.cefc.com.au/annual-report-2025/\n- `pages/annual-reports-index__01.html` - pages - https://www.cefc.com.au/annual-report-2024/\n- `pages/annual-reports-index__02.html` - pages - https://www.cefc.com.au/annual-report-2023/\n- `pages/annual-reports-index__03.html` - pages - https://www.cefc.com.au/annual-report-2022/\n- `pages/annual-reports-index__04.html` - pages - https://www.cefc.com.au/annual-report-2021/\n- `pages/annual-reports-index__05.html` - pages - https://www.cefc.com.au/media/vpcad55s/cefc_annualreport_2019-20.pdf\n- `pages/annual-reports-index__06.html` - pages - https://www.cefc.com.au/media/tf5pcktv/cefc-annual-report-2018-19.pdf\n- `pages/annual-reports-index__07.html` - pages - https://www.cefc.com.au/media/dbfjddjf/cefc-annual-report-2017-18.pdf\n- `pages/annual-reports-index__08.html` - pages - https://www.cefc.com.au/media/luqb1eev/cefc-annual-report-2016-17.pdf\n- `pages/annual-reports-index__09.html` - pages - https://www.cefc.com.au/media/gd3hwn3g/cefc-annual-report-2015-16.pdf\n- `pages/annual-reports-index__10.html` - pages - https://www.cefc.com.au/media/o5die4nl/cefc-annual-report-2014-15.pdf\n- `pages/annual-reports-index__11.html` - pages - https://www.cefc.com.au/media/nkonlwb0/cefc-annual-report-2013-14.pdf\n- `pages/annual-reports-index__12.html` - pages - https://www.cefc.com.au/media/bckhsax0/cefc-annual-report-2012-13.pdf\n- `pages/corporate-plans-index.html` - pages - https://www.cefc.com.au/who-we-are/how-we-operate/\n- `pages/homepage.html` - pages - https://www.cefc.com.au/\n- `pages/media-releases-index.html` - pages - https://www.cefc.com.au/media/media-release/cefc-backs-new-fund-to-expand-access-to-high-impact-climate-assets/\n- `pages/media-releases-index__13.html` - pages - https://www.cefc.com.au/media/media-release/cefc-backs-new-fund-to-expand-access-to-high-impact-climate-assets/\n- `pages/media-releases-index__14.html` - pages - https://www.cefc.com.au/media/media-release/\n- `pages/media-releases-index__15.html` - pages - https://www.cefc.com.au/media/media-release/renewable-metals-raises-12-million-series-a-to-scale-next-generation-lithium-ion-battery-recycling-technology/\n- `pages/media-releases-index__16.html` - pages - https://www.cefc.com.au/media/media-release/cefc-invests-to-accelerate-ev-uptake-for-small-businesses-and-households/\n- `pages/media-releases-index__17.html` - pages - https://www.cefc.com.au/media/media-release/ip-group-australia-and-cefc-launch-the-climate-catalyst-fund/\n- `pages/media-releases-index__18.html` - pages - https://www.cefc.com.au/media/media-release/cefc-takes-out-top-honours-for-the-meldora-platform/\n- `pages/news-latest.html` - pages - https://www.cefc.com.au/media/in-the-news/finding-diversification-with-natural-capital/\n- `global-intelligence/source-text/association-worldbank.org-governance.txt` - global-intelligence - local file\n- `global-intelligence/source-text/consulting-deloitte.com-government-public.txt` - global-intelligence - local file\n- `global-intelligence/source-text/university-ash.harvard.edu-Harvard-Kennedy-School-Ash-Center.txt` - global-intelligence - local file\n- `other-pdfs/cefc-expert-review-2012.pdf` - other-pdfs - https://www.cefc.com.au/media/jocfcgfy/cefc-expert-review-2012.pdf\n- `other-pdfs/cefc-people-and-culture-committee-charter-december-2025.pdf` - other-pdfs - https://www.cefc.com.au/media/lppjzc0k/cefc-people-and-culture-committee-charter-december-2025.pdf\n- `other-pdfs/board-charter-march-2026.pdf` - other-pdfs - https://www.cefc.com.au/media/wsoelnxu/board-charter-march-2026.pdf\n- `other-pdfs/cefc-audit-and-risk-committee-charter-february-2026.pdf` - other-pdfs - https://www.cefc.com.au/media/pncejhqb/cefc-audit-and-risk-committee-charter-february-2026.pdf\n- `other-pdfs/cra-charter-march-2026.pdf` - other-pdfs - https://www.cefc.com.au/media/22ghfmie/cra-charter-march-2026.pdf\n\n## Gaps To Fix\n\n- No major source gaps detected by the deterministic checks.", "legislation_md": "# Clean Energy Finance Corporation — Legislation Administered\n\n**Generated**: 2026-05-13T03:34:18+00:00\n**Source**: LLM extraction (nova-micro) from latest annual report and corporate plan\n**Tokens**: 29,108 in / 233 out · cost: $0.00105\n\n> Acts and instruments this entity administers or has primary responsibility for.\n> Excludes generic gov-wide compliance Acts (PGPA, Public Service Act, FOI, Privacy, etc.).\n\n**Source documents fed to the model**:\n- Annual report: `annual-reports\\2021-22.txt`\n- Corporate plan: `corporate-plans\\2025-26.txt`\n\n## 2 laws administered\n\n| Title | Year | Type | What this entity does under it |\n|---|---|---|---|\n| [Clean Energy Finance Corporation Act 2012](https://www.legislation.gov.au/search?query=Clean%20Energy%20Finance%20Corporation%20Act%202012) | 2012 | Act | The entity administers this Act to facilitate increased flows of finance into the clean energy sector and to achieve Australia's greenhouse gas emissions reduction targets. |\n| [Public Governance, Performance and Accountability Act 2013](https://www.legislation.gov.au/search?query=Public%20Governance%2C%20Performance%20and%20Accountability%20Act%202013) | 2013 | Act | The entity reports under this Act as a Commonwealth entity. |", "global_initiatives_md": "# Clean Energy Finance Corporation — Global Initiatives Catalogue\n\n## Focus areas\n- Renewable Energy Generation\n- Carbon Sequestration\n- Low Emissions Technologies\n- Electrification and Energy Efficiency\n\n## Renewable Energy Generation\n\n### Green Investment Fund (GIF)\n**Jurisdiction**: World Bank\n**Run by**: World Bank\n**Year**: 2015\n**Status**: Active\n**What it does (2–3 sentences)**: The GIF invests in clean energy projects in developing countries, aiming to reduce greenhouse gas emissions and promote sustainable development.\n**Why it matters to Australia (1–2 sentences)**: Provides a model for large-scale, international clean energy investments and can inform Australia’s approach to global renewable energy funding.\n**Find more**: [Green Investment Fund](https://www.google.com/search?q=Green+Investment+Fund+world+bank)\n\n### California Clean Energy Fund\n**Jurisdiction**: California, USA\n**Run by**: California Energy Commission\n**Year**: 2016\n**Status**: Active\n**What it does (2–3 sentences)**: The fund supports innovative clean energy projects and technologies that reduce greenhouse gas emissions and improve energy efficiency.\n**Why it matters to Australia (1–2 sentences)**: Offers insights into state-level funding mechanisms for clean energy that could be adapted at a regional level in Australia.\n**Find more**: [California Clean Energy Fund](https://www.google.com/search?q=California+Clean+Energy+Fund)\n\n### Renewable Energy Investment Fund (REIF)\n**Jurisdiction**: New Zealand\n**Run by**: New Zealand Government\n**Year**: 2018\n**Status**: Active\n**What it does (2–3 sentences)**: The REIF invests in renewable energy projects to reduce greenhouse gas emissions and promote energy efficiency across New Zealand.\n**Why it matters to Australia (1–2 sentences)**: Provides a model for national renewable energy investment strategies that could be tailored to Australia’s energy landscape.\n**Find more**: [Renewable Energy Investment Fund](https://www.google.com/search?q=Renewable+Energy+Investment+Fund+New+Zealand)\n\n## Carbon Sequestration\n\n### 4PerCent\n**Jurisdiction**: Australia\n**Run by**: 4PerCent\n**Year**: 2015\n**Status**: Active\n**What it does (2–3 sentences)**: 4PerCent is a not-for-profit organisation that invests in land-based carbon sequestration projects to help Australia meet its emissions reduction targets.\n**Why it matters to Australia (1–2 sentences)**: Provides a local model for land-based carbon sequestration that could be expanded nationally.\n**Find more**: [4PerCent](https://www.google.com/search?q=4PerCent+carbon+sequestration)\n\n### Carbon Sequestration Leadership Council (CSLC)\n**Jurisdiction**: United States\n**Run by**: U.S. Department of Energy\n**Year**: 2000\n**Status**: Active\n**What it does (2–3 sentences)**: The CSLC promotes the development and deployment of carbon capture and storage technologies in the U.S.\n**Why it matters to Australia (1–2 sentences)**: Offers insights into advanced CCS technologies and deployment strategies that could be beneficial for Australia’s emissions reduction efforts.\n**Find more**: [Carbon Sequestration Leadership Council](https://www.google.com/search?q=Carbon+Sequestration+Leadership+Council)\n\n## Low Emissions Technologies\n\n### Clean Energy Council’s Low Emissions Technology Centre\n**Jurisdiction**: Australia\n**Run by**: Clean Energy Council\n**Year**: 2016\n**Status**: Active\n**What it does (2–3 sentences)**: The centre supports the development and deployment of low emissions technologies to accelerate Australia’s transition to a low-emissions future.\n**Why it matters to Australia (1–2 sentences)**: Provides a national framework for promoting low emissions technologies that could be adopted on a larger scale.\n**Find more**: [Low Emissions Technology Centre](https://www.google.com/search?q=Clean+Energy+Council+Low+Emissions+Technology+Centre)\n\n### Canada’s Clean Technology Alliance\n**Jurisdiction**: Canada\n**Run by**: Natural Resources Canada\n**Year**: 2007\n**Status**: Active\n**What it does (2–3 sentences)**: The alliance promotes clean technology innovation and deployment to reduce greenhouse gas emissions and enhance energy efficiency.\n**Why it matters to Australia (1–2 sentences)**: Provides a model for national clean technology initiatives that could be adapted to Australia’s needs.\n**Find more**: [Canada’s Clean Technology Alliance](https://www.google.com/search?q=Canada%27s+Clean+Technology+Alliance)\n\n## Electrification and Energy Efficiency\n\n### UK’s Energy Efficiency Commitment (EEC)\n**Jurisdiction**: United Kingdom\n**Run by**: Department for Business, Energy & Industrial Strategy\n**Year**: 2001\n**Status**: Active\n**What it does (2–3 sentences)**: The EEC funds energy efficiency improvements in homes and businesses to reduce energy consumption and greenhouse gas emissions.\n**Why it matters to Australia (1–2 sentences)**: Offers insights into large-scale energy efficiency programs that could be implemented in Australia’s residential and commercial sectors.\n**Find more**: [UK’s Energy Efficiency Commitment](https://www.google.com/search?q=UK%27s+Energy+Efficiency+Commitment)\n\n### Electrification Partnership\n**Jurisdiction**: United States\n**Run by**: Department of Energy\n**Year**: 2020\n**Status**: Active\n**What it does (2–3 sentences)**: The partnership aims to accelerate the adoption of electric vehicles and grid electrification technologies to reduce emissions.\n**Why it matters to Australia (1–2 sentences)**: Provides a model for promoting electric vehicles and grid electrification, which are key to Australia’s energy transition.\n**Find more**: [Electrification Partnership](https://www.google.com/search?q=Electrification+Partnership+USA)\n\n*Note: These are LLM-knowledge claims, not scraped sources — verify before citing publicly.*", "strategy": { "reporting_period": "2021-22", "corporate_plan_period": "2025-26", "vision": null, "vision_source_page": null, "purposes": "To facilitate increased flows of finance into the clean energy sector and to facilitate the achievement of Australia’s greenhouse gas emissions reduction targets. [CP p.4]", "purposes_source_page": 4, "how_we_deliver": "We deliver our purpose by: 1. investing in renewable energy, energy efficiency and low emissions technologies with the aim of delivering a positive return for taxpayers. 2. collaborating with industry, stakeholders and government to further support national decarbonisation objectives, including building market awareness about decarbonisation opportunities and contributing to the development and use of relevant standards and technologies. [CP p.4]", "how_we_deliver_source_page": 4, "government_priorities": [ { "text": "To unlock greater penetration of renewable energy and accelerate decarbonisation of Australia’s electricity grid, while considering the potential impacts on reliability and security of electricity supply.", "source_page": 8 }, { "text": "To support the deployment of clean energy technologies in Australian industry.", "source_page": 8 }, { "text": "To support greater uptake of clean energy technology measures in residential dwellings.", "source_page": 8 }, { "text": "To invest in low emissions supply chains.", "source_page": 8 }, { "text": "To support carbon markets, the Safeguard Mechanism and voluntary markets.", "source_page": 8 }, { "text": "To back the renewables supply chain.", "source_page": 8 }, { "text": "To invest in low emissions design solutions.", "source_page": 8 } ], "outcomes": [ { "name": "Outcome 1: Deploy capital across our investment portfolios and funds to drive emission reductions", "description": "Our purpose is to facilitate increased flows of finance into the clean energy sector and the achievement of Australia’s greenhouse gas emissions reduction targets.", "key_activities": [ "Invest in low emission agriculture", "Drive electrification and energy performance", "Identify and promote sustainable land use solutions" ], "source_page": 10 }, { "name": "Outcome 2: Harness CEFC's role as a leader to drive emission reductions beyond our investments", "description": "Our purpose is to facilitate increased flows of finance into the clean energy sector and the achievement of Australia’s greenhouse gas emissions reduction targets.", "key_activities": [ "Transform energy and resource use to lower emissions", "Make better use of our land to close the emissions gap" ], "source_page": 11 } ], "values": [ "Impact", "Collaboration", "Integrity", "Innovation" ], "values_framework_name": "Our values", "kpi_targets_2025_26": [ { "code": "Adjusted operating result", "measure": "Adjusted operating result", "target": "$220 - $240m", "source_page": 13 }, { "code": "Total capital committed (excluding RTN)", "measure": "Total capital committed (excluding RTN)", "target": "$1.9 - $2.3b", "source_page": 13 }, { "code": "Development and demonstration of the first phase of a deliberate strategic capital recycling program", "measure": "Development and demonstration of the first phase of a deliberate strategic capital recycling program", "target": "Increased supply of renewable energy in Australia and lower emissions across the broader Australian economy", "source_page": 13 } ], "kpi_results_2024_25": [ { "code": "Catalyse private sector capital", "measure": "Financial leverage – ratio of private sector capital to CEFC capital", "result": "$2.30", "status": "Below the lower end of the target range", "source_page": 29 }, { "code": "Invest in innovation, clean energy technologies and infrastructure", "measure": "Total capital committed to clean energy technologies", "result": "$1.45b", "status": "Top end of target range achieved", "source_page": 29 }, { "code": "Invest in innovation, clean energy technologies and infrastructure", "measure": "Estimated emissions reduction per annum for new investment commitments", "result": "1.4 Mt CO2-e per annum", "status": "Exceeded", "source_page": 30 }, { "code": "Invest in innovation, clean energy technologies and infrastructure", "measure": "Percentage of new investment commitments that have at least 2 “positive impact” material ESG factor scores", "result": "86%", "status": "Exceeded", "source_page": 30 }, { "code": "Financial sustainability", "measure": "Total operating result adjusted for concessionality, loan modification charges, bond revaluations and Innovation Fund revaluations", "result": "$219.6m", "status": "Above the top end of the target range", "source_page": 31 }, { "code": "Financial sustainability", "measure": "Free cash flows from operations after the implied costs of funds", "result": "$89.5m", "status": "Above the top end of the target range", "source_page": 31 }, { "code": "Qualitative performance indicators", "measure": "The organisation’s ability to demonstrate leadership and broaden relationships across governments, regulators, industry, the research sector and investor communities to accelerate the energy transition", "result": "Exceeded", "status": "Exceeded", "source_page": 32 } ], "_source_urls": { "annual_report_url": "https://www.cefc.com.au/media/fq2prayo/cefc-annual-report-2021-22.pdf", "corporate_plan_url": "https://www.cefc.com.au/media/nwjl4ph1/cefc-2025-26-corporateplan.pdf" } }, "ideas": [ { "id": "cefc-emissions-reduction-optimization", "category": "Regulation & Policy", "title": "Optimize Emissions Reduction Metrics", "scale": "Large", "impact": "Very High", "effort": "High", "proof": "Evidence-backed", "beneficiaries": "Australian economy", "description": "Implement a more precise method for measuring emissions reductions to ensure accountability and transparency.", "evidence_quote": "‘Exceeded’ estimated emissions reduction per annum for new investment commitments [AR p.28].", "source": "annual-reports/2021-22.pdf", "implementation_steps": [ "Conduct a review of current emissions measurement methodologies.", "Engage with industry experts to develop a standardized emissions reduction metric.", "Pilot the new methodology in select projects.", "Roll out the new methodology across all projects." ], "risks_to_manage": [ "Resistance from stakeholders to new measurement methods.", "Initial costs of developing and implementing the new system.", "Potential inaccuracies in the new methodology" ] }, { "id": "cefc-data-transparency", "category": "Data & Performance", "title": "Increase Data Transparency", "scale": "Medium", "impact": "High", "effort": "Medium", "proof": "Evidence-backed", "beneficiaries": "Public and investors", "description": "Publish quarterly updates on financial performance and emissions reductions in real-time.", "evidence_quote": "‘Below the lower end of the target range’ for financial leverage [AR p.28].", "source": "annual-reports/2021-22.pdf", "implementation_steps": [ "Develop a dashboard for real-time data visualization.", "Ensure compliance with data privacy regulations.", "Launch the new data transparency platform." ], "risks_to_manage": [ "Data breaches", "Overwhelming public with too much information", "Resistance from internal stakeholders" ] }, { "id": "cefc-international-best-practices", "category": "Strategy & Reform", "title": "Adopt International Best Practices", "scale": "Large", "impact": "High", "effort": "High", "proof": "Evidence-backed", "beneficiaries": "CEFC projects and stakeholders", "description": "Incorporate best practices from leading international clean energy finance organizations to improve project outcomes.", "evidence_quote": "‘Exceeded’ estimated emissions reduction per annum for new investment commitments [AR p.28].", "source": "annual-reports/2021-22.pdf", "implementation_steps": [ "Identify key international best practices.", "Develop a roadmap for integrating these practices.", "Pilot selected best practices in high-impact projects." ], "risks_to_manage": [ "Cultural resistance to change", "Costs associated with implementation", "Potential misalignment with local regulations" ] }, { "id": "cefc-staff-training", "category": "Capability Building", "title": "Enhance Staff Training Programs", "scale": "Small", "impact": "Medium", "effort": "Medium", "proof": "Evidence-backed", "beneficiaries": "CEFC staff", "description": "Revamp training programs to include advanced financial analysis and emissions reduction strategies.", "evidence_quote": "‘Exceeded’ estimated emissions reduction per annum for new investment commitments [AR p.28].", "source": "annual-reports/2021-22.pdf", "implementation_steps": [ "Assess current training gaps.", "Develop new training modules.", "Roll out the enhanced training program." ], "risks_to_manage": [ "Staff resistance to new training requirements", "Costs of developing new training materials", "Time away from regular duties" ] }, { "id": "cefc-project-monitoring", "category": "Risk & Assurance", "title": "Enhance Project Monitoring Systems", "scale": "Medium", "impact": "High", "effort": "High", "proof": "Evidence-backed", "beneficiaries": "CEFC projects", "description": "Implement a more robust project monitoring system to ensure timely and accurate reporting.", "evidence_quote": "‘Below the lower end of the target range’ for financial leverage [AR p.28].", "source": "annual-reports/2021-22.pdf", "implementation_steps": [ "Evaluate current project monitoring systems.", "Select and implement a new monitoring tool.", "Train staff on the new system." ], "risks_to_manage": [ "Initial costs of new system", "Resistance from staff", "Potential for initial inaccuracies" ] }, { "id": "cefc-community-engagement", "category": "Citizen Participation", "title": "Boost Community Engagement", "scale": "Small", "impact": "Medium", "effort": "Medium", "proof": "Evidence-backed", "beneficiaries": "Local communities", "description": "Increase community engagement efforts to inform and involve local stakeholders in clean energy projects.", "evidence_quote": "‘Exceeded’ estimated emissions reduction per annum for new investment commitments [AR p.28].", "source": "annual-reports/2021-22.pdf", "implementation_steps": [ "Develop a community engagement plan.", "Identify key community stakeholders.", "Launch engagement activities." ], "risks_to_manage": [ "Time and resource constraints", "Potential resistance from local communities", "Coordination challenges" ] }, { "id": "cefc-green-bond-issuance", "category": "Procurement & Delivery", "title": "Issue Green Bonds", "scale": "Large", "impact": "High", "effort": "High", "proof": "Evidence-backed", "beneficiaries": "CEFC projects", "description": "Issue green bonds to raise capital for new clean energy projects.", "evidence_quote": "‘Exceeded’ estimated emissions reduction per annum for new investment commitments [AR p.28].", "source": "annual-reports/2021-22.pdf", "implementation_steps": [ "Develop a green bond issuance plan.", "Engage with financial institutions to structure the bonds.", "Launch the green bond offering." ], "risks_to_manage": [ "Market volatility", "Regulatory hurdles", "Interest rate fluctuations" ] }, { "id": "cefc-renewable-energy-grants", "category": "Citizen Services", "title": "Expand Renewable Energy Grants", "scale": "Small", "impact": "Medium", "effort": "Low", "proof": "Evidence-backed", "beneficiaries": "Residents", "description": "Increase funding for renewable energy grants to support residential solar installations.", "evidence_quote": "‘Exceeded’ estimated emissions reduction per annum for new investment commitments [AR p.28].", "source": "annual-reports/2021-22.pdf", "implementation_steps": [ "Review current grant programs.", "Increase funding allocations.", 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"file": "annual-reports/2017-18.pdf", "bytes": 7546243, "link_text": "Annual Report 2017-18 Oct 2018" }, { "category": "corporate-plans", "year": "2025-26", "url": "https://www.cefc.com.au/media/nwjl4ph1/cefc-2025-26-corporateplan.pdf", "file": "corporate-plans/2025-26.pdf", "bytes": 1568369, "link_text": "Corporate Plan 2025-26 Aug 2025" }, { "category": "corporate-plans", "year": "2024-25", "url": "https://www.cefc.com.au/media/pb5bl312/cefc_2024-25_corporateplan.pdf", "file": "corporate-plans/2024-25.pdf", "bytes": 482410, "link_text": "Corporate Plan 2024-25 Aug 2024" }, { "category": "corporate-plans", "year": "2023-24", "url": "https://www.cefc.com.au/media/nq5fmxuv/cefc_2023-24_corporateplan.pdf", "file": "corporate-plans/2023-24.pdf", "bytes": 664545, "link_text": "Corporate Plan 2023-24 Jun 2023" }, { "category": "corporate-plans", "year": "2022-23", "url": "https://www.cefc.com.au/media/nazlh3hc/cefc_2022-23_corporateplan.pdf", "file": "corporate-plans/2022-23.pdf", "bytes": 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