Australian government has issued the investment mandate governing the Clean Energy Finance Corporation (CEFC) Board, Treasurer Wayne Swan announced in a joint statement on Wednesday.

The CEFC is a 10 billion (about 10.24 billion U.S. dollars) fund dedicated to investing in renewable energy, energy efficiency and clean technology. Swan said it will play a crucial role in driving the investment Australians need to develop and deploy those new technologies.

According to him, the Gillard government is building a clean energy future which will strengthen Australia's economy and protect the environment, and the CEFC is a vital part of that reform agenda.

According to the statement, the investment mandate will ensure the CEFC develop a robust and rigorous investment process that will help Australia move towards a clean energy future. The intention of the fund is to encourage private investment and help overcome capital market barriers to commercializing and deploying cleaner energy technologies.

The CEFC will also focus on investing in projects and technologies at the later stages of development. By adopting a commercial approach, the CEFC is expected to invest responsibly and manage risks so it is financially self-sufficient and achieves its benchmark rate of return. It will also consider its potential impact on other market participants when making its investment decisions. Endite

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