New Zealand Green Investment Finance Ltd (NZGIF) is being established to accelerate low emissions investment in New Zealand.
Latest news: 5 December - $100 million investment fund launched to invest in reducing emissions (Beehive website).
As part of Budget 2018 the Government announced its intention to establish a Green Investment Fund. The establishment of New Zealand Green Investment Finance Ltd is part of the Government’s commitment to address climate change and support New Zealand’s transition towards a net-zero-emissions economy by 2050. It is part of a suite of policy initiatives 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
NZGIF will be formally established as a company under schedule four of the Public Finance Act 1989. This means it will operate independently from Government and allow it to work in a market responsive way.
The company will have a high degree of flexibility with respect to where and how it invests, however it is expected that there will be opportunities in industrial process heat, transport, energy efficiency, distributed energy networks and agriculture.
The overall aim of NZGIF is to accelerate low emissions investment in New Zealand by focusing on the following four key objectives:
- Make investments that lower domestic emissions
- Crowd-in private finance
- Make investments on a commercial basis
- Undertake a market leadership role
- NZGIF is in its establishment phase. This follows the appointments to the board late last year of Cecilia Tarrant (Chair) and David Woods (Director). There is a lot to do before NZGIF will be fully open for business.
- The next step is to complete the Board appointments. Applications have closed and are being considered. Appointments will be completed by mid-May.
- We’re also working on company incorporation. We are in the process of developing the company constitution and other foundation documents, which will enable NZGIF to be incorporated by mid-May.
- When will NZGIF be operational? Exact timelines will depend on decisions directors make; however, we expect to see NZGIF fully operational by the middle of the year.
New Zealand Green Investment Finance - at a glance
The Minister for Climate Change Hon James Shaw has appointed Cecilia Tarrant as Chair, David Woods as Director, and Sir Robert Fenwick as NZGIF Ambassador
Cecilia Tarrant – Chair
David Woods - Director
Sir Robert Fenwick - Ambassador
He chairs Sustainable Seas National Science Challenge, The Kiwi Trust and Predator Free NZ and is a director of Te Papa, Ngati Whatua Orakei’s corporation Whai Rawa Ltd and sits on sustainability advisory panels for Westpac Bank, Air New Zealand, Waste Management NZ and Fonterra, which he chairs. He co-founded the Sustainable Business Council and The Aotearoa Circle; is an inductee of NZ Business Hall of Fame and has an honorary doctorate from Lincoln University.
He has made a significant contribution to conservation in New Zealand and Antarctica such as leading the Predator Free NZ campaign and was knighted for services to business and conservation in 2016.
Email GreenInvestmentFund@treasury.govt.nz to receive email updates on Green Investment Finance Limited.