The majority voted in favour of a motion to read the bill for a second time.
This means that the majority of Members of Parliament (MPs) agree with the main idea of the bill, which was to establish the Clean Energy Finance Corporation.
Now the bill can be discussed in greater detail. However, in this case, the House subsequently agreed to a motion to read the bill for a third time without further division. This means that the bill is passed in the House and will now be sent to the Senate for their consideration.
Background to the bill
The bill was introduced to establish the Clean Energy Finance Corporation as a body corporate and establish the Clean Energy Finance Corporation Special Account.(Learn more about the Clean Energy Finance Corporation on Radio National Breakfast. ) The development and managing of this account is referred at as the 'investment mandate'.(Read more about the investment mandate here. See also the Clean Energy Finance Corporation Investment Mandate Direction 2013 here.) Its purpose is to invest strategically in renewable energy, low emissions and energy efficiency projects and technologies in Australia.