NZGIF invests to cut emissions at Wellington port
Climate ChangeMinister for Climate Change, James Shaw today welcomed the decision of New Zealand Green Investment Finance (NZGIF) to support projects that will cut emissions at Wellington’s port.
NZGIF will provide $15 million to electrify vehicles, generate renewable energy and upgrade energy efficiency at the port. This is the first investment decision of NZGIF.
“This has been a huge week for climate action. Two days ago we passed a law to fix our emissions trading scheme, turning it into one of the most effective tools we have to ensure a stable climate, and today we welcome the first investment of Green Investment Finance.
“The change this investment will bring about at CentrePort is exactly the type of innovative approach we need in order to meet our climate targets and leave behind a safer planet for our children and grandchildren.
“It shows how business and government can work together to towards solving the problems that matter most to people, like the climate crisis,” James Shaw said.
Green Investment Finance was created to support New Zealand’s transition towards a net-zero-emissions New Zealand by 2050, a commitment this Government put into law with the Zero Carbon Act.
“Our Government has put in place some of the world’s most ambitious climate targets and, in doing so, has set the direction for future investment and innovation.
“I am proud to say that we have done more for climate action in this term of government than the last 30 years combined. As we recover from the global pandemic we have the opportunity to invest in a clean-tech, high-value economy that works for everyone. This will help protect our planet for future generations,” James Shaw said.
One of the primary goals of NZGIF is to invest in low carbon solutions that are sustained, not temporary. Shaw said that requires patient, long-term, and committed decision-making.
“No previous government has ever taken decisive and deliberate approaches to help tackle the climate crisis. We’re delighted to see this investment coming forward. I hope it will inspire other organisations to make similar climate-friendly investment decisions,” James Shaw said.
NZGIF expect that today’s announcement will be the first in a series of investments planned for 2020.
CenterPort is drawing on a green credit facility of $15 million provided by New Zealand Green Investment Finance for low carbon projects at the Wellington port.
The investment will be used exclusively to fund low carbon projects, such as the introduction of electric vehicles, on-site renewable energy generation and energy efficiency upgrades.
NZGIF and CentrePort have agreed that no funds can be drawn down without being clear on how the project contributes to lowering emissions.
Several of the projects have been commissioned. The first “cab off the rank” is expected to be electric port vehicles which are due to arrive later this year.