New Zealand, BlackRock join hands to back 100% renewable electricity

Wellington: The New Zealand government and BlackRock announced on Tuesday to work together on the first of its kind climate infrastructure fund to make the country one of the first in the world to reach 100 per cent renewable electricity.

The NZ$2 billion ($1.22 billion) fund will accelerate green energy options like solar, wind, green hydrogen and battery storage to fuel a low emissions economy, Xinhua news agency quoted Prime Minister Chris Hipkins as saying in Auckland.

The net zero fund will provide access to greater pools of capital for New Zealand businesses, supporting the creation of highly skilled local jobs, Hipkins said. “This fund is a massive opportunity for New Zealand innovators to develop and grow companies,” he said.

The government has worked with BlackRock, one of the world’s largest investors in climate infrastructure and clean technology, to deliver a fully renewable electricity system, the Prime Minster added.

Energy and Resources Minister Megan Woods cited cyclone Gabrielle and the Auckland floods earlier this year as reminders for the urgency to speed up climate actions, saying the fund will super charge investments in clean technology.

“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,” Woods said.

Investors in the green economy can see New Zealand’s potential and recognise its climate commitments and goals, such as the banning of further offshore oil and gas exploration, she said.