The incoming chairman of the $212 billion Future Fund has personally urged the Albanese government to use the upcoming budget to make “significant” direct investments in post-fossil fuel renewable energy and grid projects.

Former Labor minister Greg Combet, who is putting the finishing touches on Labor’s proposed Net Zero Economy Authority before moving to the national sovereign wealth fund in July, has been a regular attendee at cabinet budget spending committee meetings. He said the time is ripe for government to go beyond grants, concessional debt and loan guarantees.