New Zealand Boosts Support For Agricultural Emissions Reduction

The New Zealand government and the Bank of New Zealand (BNZ) are together committing an additional NZ$8 million towards AgriZeroNZ to bolster New Zealand’s efforts to reduce agricultural emissions.

Agriculture Minister Todd McClay says the strength of the New Zealand economy relies on effective and affordable emission reduction solutions for New Zealand’s farmers.

“The AgriZeroNZ public-private joint venture is accelerating the development, commercialisation and uptake of practical tools and solutions for our farmers to meet our international obligations. I am pleased to welcome BNZ as a new shareholder of AgriZeroNZ.”

“The joint venture shows the increasing commitment to get emission reduction tools into the hands of farmers sooner.”

This latest investment will take the overall investment in AgriZeroNZ to NZ$191 million over the first four years. Fifty percent of this funding is Crown investment.

Other shareholders include: The a2 Milk Company, ANZ, ASB, ANZCO, Fonterra, Rabobank, Ravensdown, Silver Fern Farms and Synlait, alongside the Crown.

To support the sector, the New Zealand government has committed an additional NZ$400 million to emission reducing projects under Budget 2024. This includes the ongoing commitment to AgriZeroNZ to match industry contributions; and an additional NZ$50.5 million invested in New Zealand Agricultural Greenhouse Gas Research Centre (NZAGRC) over the next five years.

The New Zealand government said these investments will support the development and progress of identifying and breeding low emissions animals; developing methane and nitrous oxide inhibitors and supporting global collaborations and research with partners to find solutions that will benefit New Zealand farming systems.

“Our economic security depends on New Zealand’s food and fibre sector. It’s our biggest export earner generating NZ$54.6 billion this year. Innovative emission reducing technology is the key to retaining production and rebuilding our economy,” added McClay.