CEFC commits $70 million to energy and transport projects backed by state-owned fund

The Clean Energy Finance Corporation (CEFC), the Australian government’s specialist climate investor, has committed $70 million to help drive the decarbonisation of two of Australia’s highest-emitting sectors – energy and transport.

The money has been allocated to the Global Infrastructure Fund II (QGIF II), managed by the Queensland Investment Corporation (QIC), which has more than $100 billion in assets under management. The CEFC made a similar $72 million investment was into the QIC Global Infrastructure Fund I.

Key targets of the investment will include infrastructure that supports the larger energy transition, including smart metering, decarbonisation of transport and renewable generation.

“This investment is about accelerating sectors that are critical to the energy transition and driving change where it matters most,” Julia Hinwood, CEFC head of infrastructure, said in a statement.

“By targeting the infrastructure that underpins our energy and transport systems, we’re helping to accelerate the lowering of emissions across the broader Australian economy.”

QGIF II will establish greenhouse gas emission reduction targets at each portfolio company that will subsequently be validated by the Science Based Target Initiative. Binding sustainability standards will be embedded across the portfolio and will also lift decarbonisation standards to target Scope 3 emissions.

“By supporting Scope 3 measures, the Fund is taking the next step towards decarbonisation across the entire supply and operations value chain, setting new benchmarks for emissions accountability and climate impact,” Hinwood said.

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