GBCA welcomes Labor plan to increase CEFC funding, support sustainability and drive efficiency

Federal Labor’s plans to increase funding for the Clean Energy Finance Corporation (CEFC) and boost energy efficiency to drive down costs and cut emissions has been welcomed by the Green Building of Australia (GBCA).

The party’s energy policy blueprint, unveiled by Labor leader Bill Shorten today, pledges an additional $10 billion dollars to the CEFC, to support investment in emerging renewable energy, low-emission and energy efficiency projects.

Labor has also committed to working towards bipartisan energy policy, with a focus on boosting energy efficiency, cutting the price of electricity and reducing greenhouse gas emissions over the next decade.

GBCA Chief Executive Officer Romilly Madew said Labor’s policy demonstrated a strong commitment to focus on energy efficiency, which industry has identified as a cost effective and practical way to reduce costs and emissions in the built environment.

“The GBCA welcomes Labor’s energy policy announcements, which highlight the importance of acting quickly to help resolve Australia’s energy challenges through embracing and supporting the proven success of initiatives like the CEFC,” Ms Madew said.

“We have been calling for increased CEFC funding, outlined in a submission to the Government’s Clean Energy Finance Corporation Statutory Review earlier this year.

“The GBCA has worked closely with the CEFC, who have used Green Star as an independent benchmark for building projects that must demonstrate energy efficiency and carbon emissions reduction to be eligible for finance.

“The GBCA supports Labor’s stated commitment to a bipartisan approach to energy policy and to work with key stakeholders.

“While the property industry continues to accelerate actions to deliver a low emissions future, governments need to move faster to keep pace with global commitments and help secure confidence in the market settings that drive investment.

“Australia continues to set the global standard for green buildings and the GBCA this year recorded its 2000th Green Star rated project. However, more government support is needed to maintain momentum and scalability.

“This Labor policy represents a step forward in delivering the opportunities presented by a focus on increasing energy efficiency and productivity across the economy to help Australia meet its Paris Climate Agreement targets.

“The GBCA looks forward to working with all parties across the Parliament to deliver these targets in the years ahead.”