Business and the Government will jointly tackle climate change with the launch of New Zealand Green Investment Finance Ltd; a $100 million fund to reduce New Zealand’s greenhouse gas emissions, Prime Minister, Jacinda Ardern, and Climate Change Minister, James Shaw, announced today.
The fund is a central plank in the Government’s plan to transition to a clean, green, carbon-neutral New Zealand and it delivers on a Green Party Confidence and Supply Agreement commitment.
“Tackling climate change is a priority for this Government and business involvement is crucial to our success. No one can opt out of the impacts of climate change. This fund helps business to opt in to the solution,” Jacinda Arden said.
“Lowering emissions will require innovation and action from all sectors.
“This fund means the Government is bringing cash and know-how to the table to partner with business to deliver a clean, green future for everyone.
“This new investment fund is an important component of New Zealand’s plan to build a clean, sustainable, low-carbon economy that has both lower emissions and profitable enterprises,” Jacinda Ardern said.
“New Zealand Green Investment Finance will be a commercially focused investment company which will work to invest with business to reduce emissions while making a profit,” said James Shaw.
“The Government’s $100 million start-up capital injection is intended to stimulate new private sector investment in low-emissions industries; with returns over subsequent years expected to pay back the Government’s investment and see NZ Green Investment Finance stand on its own commercial footing.
“More and more investment dollars are looking for clean, sustainable ventures to invest in. Establishing this fund positions New Zealand to attract its share of that investment capital.
“I want to thank Cecilia Tarrant for accepting the role of Chair of NZ Green Investment Finance Limited. We are extremely fortunate to have someone of Cecilia’s calibre in this important leadership role.
“Board Director, David Woods, brings a wealth of international banking experience to the company, as well as his more recent experience leading work with the social impact investor, Oikocredit International.
“We are also incredibly grateful to have Sir Rob Fenwick on board as Ambassador for this project. Sir Rob’s background and expertise in business sustainability makes him a fantastic fit for what NZ Green Investment Finance Limited is about.
“New Zealand faces a big job in upgrading our economy and infrastructure. New Zealand Green Investment Finance will help deliver financial backing to help ensure that the upgrade is fit for purpose,” Mr Shaw says.
More details about NZ Green Investment Finance Ltd are available here.