The New Zealand Government and US investment firm BlackRock have announced they will work together on a first-of-its-kind climate infrastructure fund (Fund), in New Zealand to unlock investment to support 100% renewable electricity generation.
In a statement, the New Zealand Government said the NZ$2 billion Fund will provide access to greater pools of capital for New Zealand businesses, supporting the creation of highly skilled local jobs and will accelerate green energy options such as solar, wind, green hydrogen, and battery storage to fuel a low emissions economy.
New Zealand Prime Minister Chris Hipkins announced the establishment of the Fund alongside Minister of Energy and Resources Megan Woods and representatives of BlackRock in Auckland today, August 8.
“This is a first-of-its-kind fund in the country that demonstrates the huge economic potential of New Zealand being a climate leader and our goal of generating 100% renewable electricity,” Hipkins said.
“It proves again that we can grow our economy while we lower emissions. This fund is a massive opportunity for New Zealand innovators to develop and grow companies.”
“With countries around the world experiencing the impacts of climate change on a daily basis, it’s never been more urgent to invest in technology that will help address the climate crisis, and New Zealand is well positioned to be a home for that investment.”
Megan Woods added: “This fund will accelerate New Zealand’s emissions reductions, with a particular focus on our path to 100% renewable electricity, enabling our businesses to access greater pools of capital to develop and grow.”
“With record levels of renewable electricity generation in recent years, New Zealand is well-positioned to be one of the first countries in the world to deliver a fully renewable electricity system.”