Abbott’s budget cuts will cost NSW millions in green investment

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Today Tony Abbott’s federal budget has delivered another blow to the NSW environment by confirming the abolition of the Clean Energy Finance Corporation (CEFC), the main facilitator of investment in the renewable energy industry.

“Tony Abbott’s decision to kill off such a successful body as the CEFC is a disastrous decision for green business in NSW,” Shadow Minister for Energy Adam Searle said.

“After only its first year in operation the CEFC has contracted investments of over $900 million in projects which total over $3 billion in value.

“By abolishing such a successful body as the CEFC, Tony Abbott is robbing NSW of millions of dollars of investment in the renewable energy industry.

“In addition, the Abbott government has also refused to increase funding for the Australian Renewable Energy Agency (ARENA) which funds renewable energy projects and supports research and development activities.

“These cuts mean less projects and less investment in NSW’s budding green business sector and Minister Roberts should be held accountable for the federal Liberals destructive policies on the NSW environment.

Shadow Minister for the Environment Penny Sharpe said: “These cuts follow Abbott’s weakening of the Renewable Energy Target (RET) to 33,000 gigawatt hours just last week, and his determination to further weaken the target by allowing the inclusion of the burning of native forests and cleared vegetation.

“These cuts are real and they will hurt both the economy and the environment of NSW and Mike Baird should be held to account for them.”