Government announces $2 billion climate infrastructure fund
A "first-of-its-kind" $2 billion climate infrastructure fund has been announced by the government.
Prime Minister Chris Hipkins made the announcement in Auckland this morning, saying the government is partnering with Blackrock to launch the fund with the goal of making New Zealand the first country in the world to reach 100 percent renewable electricity.
"It will be Blackrock's largest single-nation decarbonisation investment to date," he says.
"I am absolutely stoked that we've been able to secure this world-leading investment in New Zealand businesses and it's proof of our ambitious climate targets having the world's attention.
"This investment will be a boon for Kiwi businesses and it will make New Zealand a hub for renewable tech expertise."
Hipkins said he spoke to business directors in Auckland last week about how climate action is good for their bottom lines as well as the climate.
"Increasingly consumers and companies around the world, and the companies our exporters supply to, are making good climate practices a condition for doing businesses," he said.
The recent EU trade deal has climate obligations built into it, and "decreasing our carbon emissions is no longer a nice to have but an essential part of doing global business".
He said some have argued New Zealand should be a "fast follower" in emissions reductions, but he could not disagree more.
"Big opportunities for New Zealand lie in our climate leadership," he said.
Hipkins outlined the government's climate actions to date, and said the government has taken more action on the matter in the last six years than all other governments combined.
"Our actions are bending the curve on emissions, with climate pollution falling through 2020, 2021, and 2022 with the December 2022 quarter delivering the lowest figure in at least nine years."
On Monday, Hipkins announced wind farm projects in Southland, south of Auckland and Manawatū were being fast-tracked through consenting.
The Southland Wind Farm proposed by Contact Energy would have 55 turbines at a site east of Wyndham; Waiuku Wind Farm would see 18 turbines set up on the southern Āwhitu Peninsula southwest of Auckland; and Te Rere Hau Wind Farm would see nine turbines installed at Aokautere, south east of Palmerston North.
- More to come
