Australia: Clean Energy Finance Corporation Announces Chair, Assistants
Today the Australian Government announced the Chair and two assistants to found and establish the scope and operating principles for the Clean Energy Finance Corporation (CEFC). The Clean Energy Finance Corporation will be responsible for the allocation of $10 billion in funds over five years from revenue from the carbon tax, the legislation for which today passed the legislative chamber.
The Chair will be Jillian Broadbent, a board member for the Reserve Bank of Australia. Those announced to assist her are David Paradice – a Sydney fund manager with small cap expertise – and Ian Moore – associated with Challenger, Bankers Trust (like Ms Broadbent), and Artesian.
The Government plans to pass legislation for the Clean Energy Finance Corporation mid-2012 and become operational in 2013.
These founders will therefore have some time to refine the mandate and scope of the proposed agency – they will need all the time and help they can get. Let’s hope they get some sensible advice specific to the sector in which they are now working.