CEFC receives new Investment Mandate

22 July 2023 

The CEFC has received a new Investment Mandate, which comes into effect 22 July 2023. 

The Clean Energy Finance Corporation Investment Mandate Direction 2023 is available here. 

The new Investment Mandate replaces the previous Investment Mandate. 

Among other changes, the new Investment Mandate 

• Provides direction for how the CEFC will invest new budget allocations of $20.5 billion for Rewiring the Nation, the Household Energy Upgrades Fund and the Powering Australia Technology Fund
• Repeals the Sustainable Cities Investment Program, the Reef Funding Program and the Australian Recycling Investment Fund, and  
• Changes the benchmark rate of return for the General Portfolio from an average return of 3 per cent to 4 per cent above the 5-year Australian Government bond rate per annum, to an average of 2 per cent to 3 per cent above the 5-year Australian Government bond rate per annum, over the medium to long term. 

Consistent with the CEFC Act, the CEFC was consulted during the development of the new Investment Mandate. A copy of the CEFC's response to the section 66 draft issued by Responsible Ministers from CEFC Chair Steven Skala AO, is available here. (View document: Supporting Material 1) 

The CEFC will implement the new investment focus as part of its investment activities. 

About the Investment Mandate 

Under the CEFC Act, the Australian Government can provide directions to the CEFC by issuing it with an investment mandate on matters set out in the Act. The CEFC Board is consulted in a process set out in the Act. Any directions contained in the investment mandate may not require the CEFC to make or not make a particular investment, or be inconsistent with the CEFC Act.