CEFC appoints Paul McCartney as Chief Executive Officer

The Clean Energy Finance Corporation has appointed Paul McCartney chief executive officer, succeeding Ian Learmonth at the Australian clean energy investor.

McCartney is the CEFC's chief investment officer for Rewiring the Nation and has spent more than 12 years at the organisation. He brings more than 35 years of experience across finance, investment and commercial leadership, and will take over while Learmonth remains in place for a handover.

The leadership change comes as the CEFC manages a broader mandate and a larger capital base than when Learmonth took charge in 2017. Since then, its available capital has risen from AUD $10 billion to more than AUD $33 billion, while lifetime investment commitments have exceeded AUD $24 billion across about 430 transactions, with a total project value of more than AUD $98 billion.

CEFC Chair Steven Skala said Learmonth had led a period of expansion as the organisation took on a more central role in Australia's shift to a lower-emissions economy.

"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," he added.

Expanded role

During Learmonth's tenure, the CEFC launched a series of funding programs, including the Household Energy Upgrades Fund, the Rewiring the Nation Fund, the Powering Australia Technology Fund and the Advancing Hydrogen Fund. It also began its first wholesale asset recycling program with a AUD $125 million cornerstone commitment to the Australian Ethical Growth Opportunities Fund.

The organisation also expanded its climate technology investing through the Clean Energy Innovation Fund and spun out specialist fund manager Virescent Ventures while retaining a minority stake. In parallel, it developed a First Nations Investment Screening Approach and backed projects including restoration work with the Nari Nari Tribal Council at The Great Cumbung and a plantation forestry project with Tiwi Plantations Corporation on the Tiwi Islands.

Learmonth said the CEFC had evolved alongside Australia's energy transition, working with private capital to back infrastructure, technologies and systems linked to net zero.

"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 around 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," Learmonth said.

Internal successor

McCartney takes over from within the organisation after leading delivery of the CEFC's AUD $19 billion Rewiring the Nation policy work, which sits at the centre of the government's electricity grid modernisation effort. His responsibilities have also included the CEFC's emerging alternative fuels portfolio and its Western Australian businesses.

He has also led some of the CEFC's largest and most strategically important investments, including Marinus Link, which the organisation describes as its biggest single investment. That experience appears to have been central to the board's decision to choose an internal successor as the investor enters what it describes as the next stage of Australia's clean energy transition.

Skala said the board viewed McCartney as well placed to lead the CEFC through its next phase.

"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," Skala said.

The CEFC has become a significant source of publicly backed finance in Australian climate and energy markets, spanning generation, storage, transmission, property, natural capital, transport and early-stage climate technology. Its discounted asset finance programs have also supported household and vehicle-related projects.

For McCartney, the task ahead will include overseeing the organisation's role in helping fund the infrastructure needed to meet Australia's renewable energy and net zero targets, while managing the complexity of large projects and private sector co-investment.

"The CEFC is entering a critical phase of delivery to achieve 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.

"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," McCartney said.