The Strategist

New Zealand to invest $1.2B in clean energy transition

08/08/2023 - 09:35

Prime Minister Chris Hipkins announced a deal with American financial firm BlackRock.

The government of New Zealand has set aside $1.2 billion to pay towards the conversion of the nation's energy grid to renewable energy sources, said Chris Hipkins, the nation's Prime Minister.

Hipkins noted that the country would collaborate with one of the major investors in climate infrastructure and clean technologies in order to make sure that New Zealand becomes the first country in the world to obtain all of its energy from renewable sources.

The new fund, according to the Prime Minister, will offer "great opportunities for local innovative companies to grow, allowing them to strengthen the country's economy while reducing emissions."

According to the Prime Minister's statement, which was posted on the government website, in order to guarantee "a full transition to renewable energy sources, a special fund with a financing volume of 2 billion New Zealand dollars [$1.2 billion] will be created and an agreement with the U.S. investment company BlackRock will be concluded."