This proposal would establish a $15 billion green industry and manufacturing bank (the bank) to support manufacturing, innovation, industrial decarbonisation and re/localisation of supply chains.
It would have a similar structure to the existing Clean Energy Finance Corporation (CEFC) in terms of the Australian Government balance sheet and provide direct grants, equity investment, financing and concessional loan options depending on the corporate structure of applicants.
It would target small businesses, workers’ cooperatives, green not-for-profit and social enterprises that are engaged in innovative production, research and development.
The bank would manage $12 billion of equity and concessional loan investments with loan repayments, returns on equity and earnings reinvested. Departmental costs would be additional.
The bank would also deliver $3 billion over 5 years via direct grants, which would also include departmental costs.
There would be a review of the bank after 5 years.
The proposal would begin on 1 July 2022.