CEFC names new chief executive

Clean Energy Finance Corporation (CEFC) chief investment officer of Rewiring the Nation (RTN) Paul McCartney has been appointed the new chief executive for the group, effective September 18.

McCartney will replace Ian Learmonth, who was appointed in 2017 and will support a smooth transition.

McCartney brings close to four decades of experience across financial services. Most recently, he was responsible for delivering the complex $19 billion CEFC Rewiring the Nation policy, which is a central component of the government's signature electricity grid modernisation program, the CEFC said.

He also led the CEFC's emerging alternative fuels portfolio and Western Australian businesses and has successfully originated and led some of the CEFC's most strategically significant investments, including Marinus Link.

Welcoming McCartney, CEFC chair Steven Skala said: "Widely respected within the CEFC, Paul has been a strong advocate for the CEFC's role in accelerating investment, reducing barriers to capital and supporting the development of new clean energy markets."

"The board is confident that his experience, strategic insight and deep understanding of the CEFC mission positions him strongly to lead the organisation through its next phase of growth and impact."

McCartney said he is looking forward to accelerating the corporation's net zero strategies at an important period.

"The CEFC is entering a critical phase of delivery to achieve on the Australian government's net zero ambitions and clean energy transformation. This is a decisive decade. The pace and scale of investment required to meet our 2030 renewable energy targets and 2050 net zero commitments is unprecedented," McCartney said.

"In leading the Rewiring the Nation Fund, I have seen firsthand the complexity involved in delivering the policy outcomes that underpin the entire transition.

"I am confident in the CEFC team's ability to rise to the many challenges of ensuring projects are delivered at the speed and cost required."

Meanwhile, Skala also noted Learmonth's contribution had led the CEFC through a period of substantial growth.

"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," Skala said.

"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."

Learmonth added: "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."

"I am proud of the passion and commitment of the CEFC team round me, and the impact we have had in reducing emissions and building a more reliable, affordable and lower emissions energy system. I am grateful for the strong support and guidance from the CEFC board."