Australian sovereign climate fund announces leadership change
Paul McCartney, will take charge as CEO, marking the end of Ian Learmonth’s tenure at the helm
Australia’s Clean Energy Finance Corporation (CEFC) has announced Paul McCartney as its new chief executive officer, effective 18 September. CEFC is a sovereign wealth fund with a mandate to deploy over $23bn in Australia’s energy transition.
McCartney currently leads the CEFC’s Rewiring the Nation Fund as CIO. The fund targets investments in grid and transmission infrastructure. The incoming chief executive reckons this experience will hold him in good stead.
NZI Transition and Climate Investment Conference | 22 October | London | Register here
“In leading the Rewiring the Nation Fund, I have seen firsthand the complexity involved in delivering the policy outcomes that underpin the entire transition”, McCartney says.
Grid infrastructure has become a cornerstone of CEFC investments in recent years. Its largest commitment till date is Marinus Link – made through the RTN fund. Marinus Link, which aims to connect clean energy in Tasmania with Victoria, has a stage-I capacity of 750MW. McCartney was a central figure in the Marinus Link investment.
The leadership change marks the end of Ian Learmonth’s time in charge of the CEFC. Learmonth, who was appointed CEO nearly a decade ago, led the CEFC through a series of key milestones.
This included surpassing lifetime commitments of $16bn across some 430 transactions, the creation of new funds for hydrogen, clean technology, grids and household energy upgrades and the establishment of Virescent Ventures – a specialist climate technology venture capital investor which spun out of the CEFC.
“The CEFC plays a unique role in working alongside the private sector to accelerate investment in the infrastructure, technologies and systems needed to deliver net zero”, Learmonth commented.
Steven Skala, CEFC’s chair says Learmonth’s leadership was key in strengthening the CEFC’s role as a catalyst of private capital. “Under Ian’s outstanding leadership, the CEFC has expanded its impact and strengthened its role as a catalyst for private investment, delivering significant outcomes for Australia’s energy system, economy and emissions reduction efforts”, said Skala.
“He took on a challenging role almost a decade ago, and has earned the respect of the Board, his peers, the wider market and indeed all associated with the CEFC”, he added.
CEFC’s latest investment policy update came in March this year. The document reinforces the CEFC’s mandate to invest in development, commercialisation and deployment of clean energy technologies.
