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Green Investment Bank May Not Survive Next Elections Down Under

The Herald Sun

Australia’s Opposition leader Tony Abbott has written to the chair of Labor’s $10 billion green investment bank to request it suspend its operations during the election campaign.

The opposition leader has vowed to abolish the Clean Energy Finance Corporation as a matter of priority if elected on September 7.

In a letter to CEFC chair Jillian Broadbent, Mr Abbott on Monday reiterated the coalition’s policy in regards to the corporation.

“As you are aware, the coalition does not support the CEFC or the expenditure of $10 billion of borrowed money on projects which the private sector has deemed too risky to invest in,” Mr Abbott wrote.

“As is normal practice under caretaker provisions, I request that the CEFC (as a Commonwealth authority) immediately ceases to assess or make any further approvals or payments.”

If elected, the coalition on day one would suspend the CEFC and prepare legislation to shut it down permanently.

It’s vowed to introduce legislation within a fortnight designed to abolish the carbon tax, and all government climate agencies associated with Labor’s clean energy laws.

The CEFC was established to support renewable and low-emission energy projects through loans, guarantees and equity investments as part of the government’s carbon price package.

The government would invest $2 billion a year over five years in the corporation, which from July began working with private companies to fund large-scale clean energy projects.

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