New Zealand Government Establishes $1.2 Billion Fund To Promote 100% Renewable Energy Generation

The New Zealand government and BlackRock are launching a NZ$2 billion ($1.22 billion) fund to boost investment in wind and solar power, battery storage, and green hydrogen as the country becomes a world leader, The Associated Press reported. One of the first countries in the world to be powered entirely by renewable energy.

 

 

New Zealand vigorously built hydropower decades ago, and now the proportion of renewable energy power in the grid is about 82%. The New Zealand government's goal is to achieve 100% renewable energy power generation by 2030. New Zealand Prime Minister Chris Hipkins said, "This fund is a game-changer for the cleantech industry and a pragmatic and practical step by the government to actually grow our economy and create jobs while accelerating climate action." Hipkins Kings said the fund would allow New Zealand companies to commercialize their technological intellectual property around the world.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hipkins said that fully greening the grid would require a total investment of about $26 billion, and that "working with and supporting industry to tackle the climate crisis is a no-brainer." BlackRock CEO Larry Finn "The world is looking for models of cooperation between the private and public sectors to ensure an orderly, just and equitable energy transition," said Grae.

 

But Liberal ACT Party leader David Seymour said the government's plan would drive up electricity prices and do little for the environment.

 

"New Zealanders don't want to be subjected to a 'world-first' climate change experiment that means the government will micromanage their lives," Seymour said in a statement.