$100m green fund announced

Investment in electric vehicles and energy efficient commercial buildings are encouraged with the Government’s launch of a $100 million green fund.

Green Investment Finance Ltd will run independently of the Government with a market focus and aim to reduce New Zealand’s greenhouse gas emissions.

It will be chaired Cecilia Tarrant and the board director is David Woods while Sir Rob Fenwick will be the fund ambassador.

Green Party co-leader James Shaw re-announced it as party policy at the Greens’ conference last year and it was secured in the Labour-Green Party confidence and supply agreement, RNZ reports.

“New Zealand Green Investment Finance will be a commercially focused investment company which will work to invest with business to reduce emissions while making a profit,” climate change minister Shaw says.

The government’s investment injection is expected to be paid back from returns over coming years.

Prime minister Jacinda Ardern launched the fund with Shaw, and she says tackling climate change is a government priority, with business involvement crucial.