This audit would examine the effectiveness of the Clean Energy Finance Corporation’s (CEFC’s) selection of investments, including determination of an appropriate risk return, ongoing management of the portfolio of funded projects, and the extent to which the corporation is meeting its legislated objective.

The CEFC was established with a charter to stimulate investment in clean energy, as a pathway to the decarbonisation of the Australian economy by increasing the flow of funds into renewable energy, energy efficiency and low-emissions technologies. The CEFC provides direct or indirect commercial investments (in the form of debt and/or equity financing), which are intended to attract private sector finance for projects at large-scale demonstration, pre-commercial or commercial stages. At June 2018, after five years of operation, the CEFC had made cumulative commitments of $6.6 billion to projects with a total value of $19 billion.