New Zealand Government Creates $1.2 Billion Fund to Promote 100% Renewable Energy Generation

The New Zealand government and BlackRock have launched a NZ$2 billion (US$1.22 billion) fund to boost investment in wind and solar power, battery storage and green hydrogen, propelling New Zealand to become one of the first countries in the world to be powered entirely by renewable energy.

New Zealand decades ago through the construction of hydropower, now the proportion of renewable electricity grid has been about 82%, the New Zealand government’s goal is to achieve 100% renewable energy generation in 2030. New Zealand Prime Minister Chris Hipkins said, “This fund can be a game changer for the cleantech industry and a pragmatic and practical step for the government to actually grow our economy and create jobs while accelerating climate action.” Hipkins says the fund will allow New Zealand companies to commercialize their technology intellectual property around the world.

Hipkins says achieving the complete greening of the grid will require a total investment of about $26 billion, and that “partnering with and supporting industry to address the climate crisis is a natural thing to do.” Larry Fink, CEO of BlackRock, said, “The world is looking for models of collaboration between the private and public sectors to ensure an orderly, just and equitable energy transition.”

However, David Seymour, leader of New Zealand’s Libertarian ACT Party, said the government’s plan would drive up electricity prices and do little to benefit the environment.In a statement, Seymour said, “New Zealanders don’t want to be subjected to the ‘world’s first’ climate change experiment, which means the government will micromanage their lives.”

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