Friday, August 10, 2012
Green "Investment" Board Appointed
The new board of the 10 billion dollar Clean Energy Finance Corporation has been appointed and has a target of making 4% on green carpet-baggers projects most banks would not touch with a barge pole. The interesting thing is that no renewable energy project could exist without taxpayer handouts and subsidies which are drying up as adults are now in control of most state governments and next year the federal government will fall also. It is hard to see how anyone can make forward projections in this climate.
THE Gillard government has announced four new board members to help run the $10 billion Clean Energy Finance Corporation (CEFC).
The corporation, part of Labor's carbon price package, will support renewable energy projects through loans, guarantees and equity investments.
Based in Sydney, it will invest funds from July 2013.
The board members announced on Friday are recently retired Macquarie investment banker Michael Carapiet, fellow banker Ian Moore from Banker's Trust, former solicitor and Climate Works Australia executive director Anna Skarbek and ex-Origin Energy senior manager Andrew Stock.
All have been appointed for five-year terms. They will work alongside corporation chairwoman Jillian Broadbent, who is also a Reserve Bank board member.
"Today's board appointments will underpin a robust and rigorous organisation which will help ensure Australia remains competitive as we move towards a carbon-constrained global economy," Treasurer Wayne Swan said in a statement on Friday.
Treasury has estimated the CEFC could lose 7.5 per cent of the capital it invests on unsuccessful projects but overall it will aim to make a profit of four per cent a year.
Treasury, of course was out by 100% in last years budget deficit calculations!