In that role, he led the CEFC’s Western Australian operations and alternative fuels portfolio, and originated several of the organisation’s largest transactions, including its single largest investment to date, a commitment of up to AU$1.92 billion toward the construction of the HumeLink transmission project in New South Wales.

CEFC chair Steven Skala said Learmonth had led the organisation through a period of substantial growth, and that the board was confident McCartney’s experience positioned him to lead the 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,” Skala said.

McCartney said the coming years would require an unprecedented pace of investment.

“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,” he 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.”

Learmonth departs having presided over a period in which the CEFC grew from an AU$10 billion institution into one with access to more than AU$33 billion in investment capacity.

Over his tenure, the CEFC surpassed AU$24 billion in lifetime investment commitments across more than 430 transactions, with a combined project value exceeding AU$98 billion as of 31 March 2026.

That expansion accelerated sharply in his final years. In the 12 months to 30 June 2025, the CEFC committed a record AU$4.7 billion to large-scale renewables, energy storage and transmission projects, a figure 2.5 times higher than the prior year, driven in large part by the HumeLink commitment and an AU$1.4 billion finance package supporting French independent power producer Neoen’s Australian portfolio.

The government also moved to expand the CEFC’s firepower during this period. In January 2025, an additional AU$2 billion was allocated to the CEFC’s general account, lifting its total investment capacity to AU$32.5 billion, with the government projecting that the injection would unlock around AU$6 billion in private sector co-investment.

Learmonth said it had been a privilege to lead the organisation.

“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,” he said.

“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.”

McCartney takes the helm at a point where the scale of investment required to meet Australia’s legislated targets is placing increasing demands on the CEFC’s capacity to execute.

Australia has committed to cutting greenhouse gas emissions by 62-70% below 2005 levels by 2035, a target the Climate Change Authority has said would require tripling large-scale solar deployment and doubling rooftop solar installations.

Meeting those targets depends heavily on transmission infrastructure, grid-scale storage and continued private capital mobilisation, all areas where the CEFC has been active and where McCartney has direct experience.

During Learmonth’s tenure, the organisation also created four new investment programmes: Household Energy Upgrades, Rewiring the Nation, Powering Australia Technology, and Advancing Hydrogen, broadening its reach beyond utility-scale generation into electrification, grid modernisation and emerging fuels.

Learmonth will remain through the transition period to support a handover before McCartney formally assumes the CEO role in September.