Sydney will be home to the Gillard Government's $10 billion Clean Energy Finance Corporation.
Sydney has been selected because it has a strong clean energy sector and a network of financial, legal and professional services that will ensure the smooth set up and operation of the Corporation. Sydney is considered to be an optimal location from which to service a national client base.
Locating the Clean Energy Finance Corporation in Sydney's financial sector hub will also help with the building of partnerships with lenders and investors.
While Australia has many leading researchers in the clean energy field, in Sydney the Corporation will also be able to draw on higher education and research and development facilities across the state, including the CSIRO Energy Centre and the University of NSW School of Photovoltaic and Renewable Energy Engineering.
The Government announced the Corporation as part of the Clean Energy Future package to encourage private investment and help overcome barriers to commercialising and deploying clean energy technologies.
The Clean Energy Future package is a comprehensive plan to cut carbon pollution and drive investment in the clean energy technologies that will ensure our economy remains competitive in a low-carbon global economy.
The Clean Energy Finance Corporation will play an important role in this economic transformation.
It will make investments in businesses seeking funds to commercialise innovative clean energy proposals and technologies. The Corporation will also invest in the transformation of existing manufacturing businesses to re-focus on making the inputs for the clean energy sector.
Jillian Broadbent AO has previously been announced as chair of the Clean Energy Finance Corporation. She is also chairing an expert review to advise on the design of the Corporation. Ms Broadbent has been consulting industry and stakeholders and will report back to the Gillard Government later this month.