Taranaki likely to attract some of new $2b 'net zero' climate fund
Taranakis renewable energy industry is well-placed to get a chunk of the $2 billion climate infrastructure fund announced to help New Zealand become the first country to achieve 100% renewable energy. Hiringa Energy director Cathy Clennett welcomed the Governments new partnership with American investment firm BlackRock that will give New Zealand companies access to greater pools of capital - or wealth - through private investors. Its definitely a coup for New Zealand, said Clennett, who attended the announcement by Prime Minister Chris Hipkins in Auckland . BlackRock says the fund which will invest in projects like solar, wind, green hydrogen, battery storage and EV charging is the first time its made a country-specific investment like this. Globally, investment in renewable energy is booming. The investment giant cited estimates saying it will take $42b to get New Zealand from 83% renewable electricity to 100%. We firmly believe New Zealand could be the first country in the world to be 100% renewable energy. Clennett said Taranaki companies stood to benefit from the fund. Due to our energy industry based in Taranaki and the work going on in solar, green hydrogen and offshore wind, part of this investment Im sure will be directed towards Taranaki companies in the climate technology space. But whichever government was in power after Octobers election would need to ensure its policy settings were right. We need to attract a lot more investment into renewables and climate change technology in New Zealand, this is a very positive step, Clennett said. We are an exporting country, and we need to make sure our exports are competitive and will remain competitive internationally in future. Clennett said the transition process in itself was also a potential expert earner for the country, citing her own companys projects in New Zealand and overseas. We employ people in Taranaki directly and also through contractors. Its a tangible example of what you can do ... creating technology expertise and the export of that expertise from New Zealand is an added benefit, we are creating smart exports and also decarbonising our primary exports and maintaining their competitiveness in international markets. The Governments goals are for New Zealands total energy needs to be met 100% by renewable energy by 2030, and for the country to achieve net-zero carbon emissions annually by 2050.