Malcolm Turnbull won’t back Clean Energy Finance Corporation

Malcolm Turnbull refuses to back Clean Energy Finance Corporation Labor uses question time to attack the prime minister and the Coalition over its climate change policies, Guardian, Lenore Taylor, 20 Oct 15 Malcolm Turnbull says the need for the Clean Energy Finance Corporation remains an “open question” and has dismissed emissions trading schemes as simply another “piece of economic plumbing”, as Labor attacked the credibility of the Coalition’s climate policies.

Turnbull lost the Liberal leadership in 2009 over his backing for the former Rudd government’s emissions trading scheme, and was forced to pledge to retain the current Direct Action climate plan in order to win support from conservative and climate-sceptic colleagues before becoming prime minister, despite having once described it as “bullshit” and a “recipe for fiscal recklessness on a grand scale.”

Under Tony Abbott, the coalition unsuccessfully tried to abolish the corporation, which the former prime minister derided as the “Bob Brown bank”.

The CEFC lends to clean energy projects on commercial terms and has so far lent $1.4bn, which will reduce emissions by 4.2m tonnes annually and also achieve a positive return on the commonwealth’s investments.

Under Turnbull the CEFC has been transferred to the environment department and the government has apparently dropped plans to hobble its mandate by banning investments in wind farms and small scale solar and has suggested it plays an important role in its climate plans.

But despite this, during question time on Tuesday, Turnbull refused to say he backed the institution – instead hedging his answer and pointing out the government had been unable to get the Senate to agree to the CEFC’s abolition…….http://www.theguardian.com/australia-news/2015/oct/20/malcolm-turnbull-refuses-to-back-clean-energy-finance-corporation