New Zealand and BlackRock Collaborate to Support 100 Percent Renewable Electricity
USD 1.22 billion funds will expedite green energy alternatives like solar, wind, green hydrogen and battery storage to propel a low-emissions economy.
August 09, 2023. By EI News Network
USD 1.22 billion funds will expedite green energy alternatives like solar, wind, green hydrogen and battery storage to propel a low-emissions economy.
The net-zero funds will provide access to greater pools of capital for New Zealand businesses, assisting the generation of highly skilled local jobs.
The government has worked with BlackRock, one of the world's largest investors in climate infrastructure and clean technology, to deliver a fully renewable electricity system, the Prime Minster added.
Energy and Resources Minister Megan Woods stated cyclone Gabrielle and the Auckland floods earlier this year as reminders of the urgency to speed up climate actions, saying the fund will supercharge investments in clean technology.
She further added, "With countries around the world experiencing the impacts of climate change on a daily basis, it's never been more urgent to invest in technology that will help address the climate crisis," Woods said.
She said that investors in the green economy can perceive New Zealand's potential and identify its climate commitments and goals, such as the prohibition of further offshore oil and gas exploration.
BlackRock is an American multinational investment company headquartered in New York City. The company was founded in 1988.
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