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Incoming government unmoved by pleas to retai -

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MARK COLVIN: The head of Australia's $10 billion "green" bank is urging the incoming government to reconsider plans to axe it, but the plea seems likely to fall on deaf ears.

The likely Climate Change Minister Greg Hunt has confirmed to the ABC that the Coalition still intends to scrap the Clean Energy Finance Corporation. Climate researchers have called the move short-sighted and labelled the government as the most "anti-environment" ever.

Science and technology reporter Jake Sturmer.

JAKE STURMER: Australia's first ever government-backed "green" bank has been making hay while the sun shines - literally, funding $560 million worth of loans investing in technologies like solar panels and wind farms.

Oliver Yates is the CEO of the bank, or Clean Energy Finance Corporation as it's known.

OLIVER YATES: We're here to actually help the economy move from a higher carbon economy to a lower carbon economy as efficiently as possible.

JAKE STURMER: It's only been running since July, but Oliver Yates says it's led to $1.6 billion in private sector investment through co-financing schemes.

OLIVER YATES: One of the ones that's most interesting is the transaction in Port Augusta - and that's for the development of a greenhouse that's a significant opportunity to incorporate renewable technology within the agricultural space, and it's quite interesting to see the agricultural sector embracing the opportunities that renewable energy can provide.

JAKE STURMER: Renewable energy opportunities that are planned to have a positive return on investment.

OLIVER YATES: Our investments are looking at returning on average around 5.8 per cent and cost of government funds is around 2.8 per cent, so we're running quite successfully at the moment.

JAKE STURMER: Not successfully enough according to the incoming government, but Oliver Yates is hoping to sit down with the incoming minister to discuss the corporation's future.

OLIVER YATES: We look forward to having a consultation process with that stakeholder to see how the CEFC can work together with the new government and we look forward to that.

JAKE STURMER: That stakeholder being the minister has made it pretty clear what his intentions are, that being to abolish the corporation, though.

OLIVER YATES: The minister has indicated that we will be going through a consultation process and we embrace the opportunity to go through a consultation process with the ministers.

JAKE STURMER: It could be a fairly short consultation process according to the incoming climate change minister Greg Hunt.

GREG HUNT: We will of course meet with the board and the executive once ministerial arrangements have been confirmed and any swearing-in has occurred, but our position is very clear, our policy is very clear. We have always said we do not support the creation of a $10 billion green hedge fund.

JAKE STURMER: As for the $560 million worth of investments, the incoming minister says he'll review the status and nature of the contracts.

GREG HUNT: We've always said that we wouldn't claw back funds that had already been paid, I think that was the prudent and responsible thing to do, and not being a party to the contracts, not being a party to the details, I think the only sensible, the only responsible thing to do, is to review them carefully from a position once ministerial arrangements have been confirmed and implemented.

JAKE STURMER: But climate change researchers like the University of New South Wales' Ben McNeil says axing the corporation is anything but sensible or responsible.

BEN MCNEIL: The newly-elected government I think is probably the most anti-environment government we've probably ever had, in the sense that Tony Abbott has long been a climate sceptic, he's long been quite anti a lot of environmental policies.

JAKE STURMER: The last hope for those hoping to save the corporation will come from Parliament, as the corporation can't be shut down without approval from both houses.

The Greens and Labor insist they won't repeal the laws, but when the balance of power shifts on July 1st next year, anything's possible.

BEN MCNEIL: I mean if you think of the minor parties that have now seem to control the balance of power, there's sort of a suite of guns, cars and mining parties, so they're really even more anti-environment than the Prime Minister.

MARK COLVIN: The University of New South Wales' Dr Ben McNeil ending Jake Sturmer's report.