WELLINGTON – New Zealand’s government has partnered with US investment firm BlackRock to supercharge its efforts to become one of the first countries in the world to reach 100 per cent renewable electricity.
“This is a first-of-its-kind fund in the country that demonstrates the huge economic potential of New Zealand being a climate leader,” Prime Minister Chris Hipkins said Tuesday in Auckland. “This fund is a massive opportunity for New Zealand innovators to develop and grow companies.” BlackRock estimates the transition to 100 per cent renewable electricity will require investment running to NZ$42 billion. The new fund will provide a platform through which institutional investors can invest in that transition, it said in a statement.
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