A green light for our net-zero-emissions future, sustainable jobs and growth
31 May 2018
NZ Government:
Budget 2018 marks a significant step in our
plan to transition to a
net-zero-emissions economy by 2050, says Climate
Change Minister James Shaw.
“The Green Investment Fund will stimulate significant private-sector
finance into the low-emissions projects and businesses that
New Zealand needs.
“In places like Australia, the UK and some US states, green investment
funds have been hugely successful, attracting capital to fund low-carbon
transitions and reduce climate pollution. As Mōhio’s recent
climate-finance report[1] states, global capital is already shifting into
climate-aligned investments. Our plan will make New Zealand part of that
shift.
“Budget 2018 sets aside $100.0 million of new capital funding for the
Green Investment Fund, designed to encourage private-sector investment
in high-value, low-carbon industries, clean tech and new
jobs.
“Collaboration and partnership are important in the economic transition
over the next few decades. We’re beginning that process now so that our
economy, cities and regions have the time for a well-considered
transition.
“The Fund is a result of the Confidence and Supply Agreement between
Labour and the Green Party.
“The Fund will be established by the end of 2018. There is an
expectation it will repay initial Crown operational funding once it is
self-sustaining,” says James Shaw.
Meanwhile, an additional $14.0 million in new funding is provided over
the next four years to help deliver on the Government’s commitments to
address climate change, including:
-
passing a Zero Carbon Act
-
amending New Zealand’s emissions trading scheme
-
establishing an independent Climate Change Commission
-
continuing New Zealand’s international efforts to ensure the integrity of the Paris Agreement.
--ENDS--
Source: New Zealand Government - www.beehive.govt.nz
Contact: N/A
External Links: www.mfe.govt.nz
Recent news by: NZ Government