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AUSTRALIA'S ABBOTT GOVERNMENT ORDERS GREEN BANK TO PREPARE FOR DISSOLUTION

10/30/2014

In Australia, the government of Prime Minister Abbott has instructed the nation’s Clean Energy Finance Corporation to prepare to cease investments by the end of 2014 and to cease operations by late June 2015. The bank, which was established by the former Labor government to provide commercial loans to clean energy projects, has stated that it will continue to operate normally until the legislature amends the legislation that establishes the organization. “The fact that we have to prepare our accounts this way makes no difference to what we do. We will continue to carry out our statutory obligations,” said CEFC chief executive Oliver Yates. “They don’t have the numbers in the Senate to abolish us, but they are sending signals to the market that our business is under threat, and that creates uncertainty and makes it harder for us to carry out our statutory obligations.” For the full story, see: http://www.theguardian.com/environment/2014/oct/31/clean-energy-finance-corporation-told-to-prepare-for-its-demise