CEFC names new CEO to lead federal green bank through “decisive decade” of energy transition

The federal government’s green bank, the Clean Energy Finance Corporation, has named Paul McCartney as its new CEO, to take the reins at what will be a crucial era of growth, as coal plants close and industry scrambles to meet emissions reduction and renewables targets.

McCartney will step into the CEO role on September 18 as an internal hire, moving up from his current position as Chief Investment Officer, Rewiring the Nation, and with more than 12 years under his belt at the Clean Energy Finance Corporation (CEFC). 

CEFC chair Steven Skala says that in his most recent role, McCartney has overseen delivery of the “complex” $19 billion Rewiring the Nation scheme, while in the past he has originated and led some of the CEFC’s “most strategically significant investments,” including its largest single investment in Marinus Link. 

“Paul has been a strong advocate for the CEFC’s role in accelerating investment, reducing barriers to capital and supporting the development of new clean energy markets,” Skala said in a statement on Thursday.

“The Board is confident that his experience, strategic insight and deep understanding of the CEFC mission positions him strongly to lead the organisation through its next phase of growth and impact.”

McCartney takes over from current CEO Ian Learmonth, who is retiring after almost a decade at the helm, having been appointed in 2017. He will be the CEFC’s third CEO since it first started funding funding green investments in July 2013 under the leadership of Oliver Yates.

Yates and Learmonth both had long periods of time under successive Coalition governments where the Labor founded green bank’s funding and mandate were under almost constant threat and various attempts were made to axe it altogether.

In 2020, then ex-CEO Yates came in to bat against a series of legislative amendments being pursued by then federal energy minister Angus Taylor to expand the CEFC’s investment mandate to include a new definition of “low emissions technologies” that would cover new gas projects.

In a statement on Thursday, Skala paid tribute to the Learmonth’s “outstanding leadership,” including through a turbulent first five years under the successive Coalition governments of Malcolm Turnbull and Scott Morrison.

“He took on a challenging role almost a decade ago, and has earned the respect of the board, his peers, the wider market and indeed all associated with the CEFC,” Skala said.

“Under Ian’s outstanding leadership, the CEFC has expanded its impact and strengthened its  role as a catalyst for private investment, delivering significant outcomes for Australia’s energy system, economy and emissions reduction efforts.”

McCartney says he and the CEFC team are prepared for a “decisive decade,” with an “unprecedented” pace and scale of investment required to meet looming renewable energy and emissions targets.

“The CEFC is entering a critical phase of delivery to achieve on the Australian government’s net zero ambitions and clean energy transformation,” he said in a statement. 

“In leading the Rewiring the Nation Fund, I have seen firsthand the complexity involved in delivering the policy outcomes that underpin the entire transition. I am confident in the CEFC team’s ability to rise to the many challenges of ensuring projects are delivered at the speed  and cost required.”

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