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Monday, 23 June 2014
Page: 6870

Mr HUNT (FlindersMinister for the Environment) (12:23): I move:

That this bill be now read a second time.

This bill abolishes the Clean Energy Finance Corporation by repealing the Clean Energy Finance Corporation Act 2012.

The Clean Energy Finance Corporation (Abolition) Bill 2014 differs from the previous bill in that it provides a transitional period of up to six months, rather than the previous 28 days from royal assent.

The government has made clear commitments to support clean energy projects through direct action, and specifically through the Emissions Reduction Fund. The renewable energy target also provides strong incentives for businesses to develop clean energy solutions.

The Emissions Reduction Fund and the renewable energy target are in addition to strong commercial incentives for businesses to undertake clean energy projects in order to reduce costs.

This repeal bill will transfer the CEFC's existing assets and liabilities, including the CEFC's investments, to the Commonwealth. These assets and liabilities will be managed by the Treasury.

Funding to manage the CEFC's existing assets and liabilities and meet contractually committed payments on investments will be met from the CEFC's existing funding, which will be transferred to a new CEFC transitional special account.

Future moneys that were due to be appropriated to the CEFC annually until 2017 will be returned to consolidated revenue.

The bill also provides for excess funding to be returned to consolidated revenue at any stage if it is no longer needed for managing the CEFC's assets and liabilities. I commend the bill to the House.

Debate adjourned.