But industry and green groups say the move constitutes the third such “redirection” of CEFC funding, with $1 billion withdrawn for a loan scheme, and another $1 billion to fund the Great Barrier Reef.. ..Effectively, nearly one third of the supposed independent CEFC’s budget has been corralled by the government for “pet projects’ announced during and in the lead up to the election campaign…“This government has twice tried to axe the Clean Energy Finance Corporation. It’s tried to axe the Australian Renewable Energy Agency (ARENA), it’s taken the axe to the Renewable Energy Target and now it plans to slash $1.3 billion from ARENA.“Today’s announcement is not new money. It is simply using the Clean Energy Finance Corporation as its slush fund,” Grimes said.

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