As Ian Learmonth steps down from a long term role at the Clean Energy Finance Corporation and hands over the reins to Paul McCartney, he can look back on a list of achievements that have helped empower the net zero and sustainability transformation of Australia.
Since taking up the job in 2017, Learmonth has guided the so-called green bank through substantial growth and helped it expand its capital from $10 billion to more than $33 billion. It currently has more than $24 billion invested across 430 transactions and supports projects with a total value of more than $98 billion.
Learmonth will continue in his role until his replacement takes the reins.
Recent investments
Just this month, the CEFC announced its partnership with Aviva Investors and Gresham House to launch a $142 million Tasmania National Asset Trust to establish a new sustainable forestry and natural capital platform, designed to help grow Australia’s sustainable forestry sector.
The Trust, managed by Gresham House, is designed to combat the shortage of domestic supply of timber, which “has left Australia reliant on imports”.
The cornerstone investment will be in Rushy Lagoon, a 21,745-hectare property in northern Tasmania which will integrate a commercial softwood plantation with large scale conservation, ecological restoration and sustainable grazing.
It will produce more than 190 jobs, around 5 million tonnes of timber and generate around 3.2 million Australian Carbon Credits. Forests under the result will be grown under either Forestry Stewardship Council (FSC) certification or Programme for the Endorsement of Forest Certification (PEFC).
The project will also include the protection and restoration of ecologically significant wetlands, including areas connected to the Floodplain Lower Ringarooma River Ramsar Site.
The corporation is also committing $22 million to back Zenobe Australia on a large-scale deployment of battery electric trucks by helping it acquire a fleet of up to 148 BETs to deliver low emissions groceries.
In 2024, the company leased 60 EV grocery home delivery trucks to Woolworths, and the new funding will increase its fleet, with full rollout to be completed over 2027.
It has also committed up to $10 million to Sunswap, a company offering fully electric, solar assisted refrigeration units, designed to replace diesel powered units fitted to refrigeration trailers. The investment will support the deployment of more than 100 Sunswap Endurance units.
In a three day trial, the unit still had 62 per cent battery remaining after a 1671 kilometre trip between Sydney and Brisbane thanks to high solar contribution, which will reduce electricity demand and operating costs.
It has also offered a $15 million impact loan to back the Nari Nari Tribal Council to acquire and manage the Great Cumbung, a 34,000 hectare wetland in south-west New South Wales.
In May, the organisation committed $1.2 billion from the Rewiring the Nation Fund to help TasNetworks deliver stage one of the Northwest Transmission Developments in order to significantly lower costs to consumers. The project is forecast to reduce network charges paid by consumers for the project by around 55 per cent over the life of the project.
Paul McCartney was most recently chief investment officer of it’s the Rewiring the Nation fund.
