So
the clever little thinkers of the ALP decided to set up a time bomb inside the
workings of the Public Service but run under the auspices of an “outside”
enterprise. Its stated purpose is to deliver finance to clean energy
technologies, it’s reality will be a waste of up to 10 billion dollars. Looking
at the limitations of its intent (no nuclear or carbon capture technology –
both Coalition stated goals) it is easy to see that this will be aimed at kite
flying, wind turbine, wave technology, etc enterprises which will inevitably go
from boom to bust in a very quick time. Remember Tim Flannery’s geothermal
exercise, Israel’s attempt to electrify cars, American
Solar Electric companies.
One
report says that out of energy conscious 750 startup companies
only 150 are left. This is not to say that these figures are outside the range
of normal startup companies, lots fall over in their first year and even more
do not make it past 10 years, the difference is that private companies
generally put their own funds on the line, or the banks that fund them have
guarantees in place to recoup the funds if a fallover occurs.
The
problem with a structure such as the CEFC is that it sources its funds from us,
the taxpayers, and looking through its charter,
there is no fallback position to regather “invested” funds.
Another
example of dereliction of duty from the ALP, and forcing the result onto
taxpayers.
“The
CEFC will invest in organisations and projects using 'clean energy
technologies' as well as manufacturing businesses that focus on producing the
inputs required. The Clean Energy Finance Corporation Act 2012
excludes investment in technology for carbon capture and storage, nuclear
technology or nuclear power. The CEFC will make its investment decisions
independently, based on rigorous commercial assessments.”
