Aug. 8 (UPI) — A fund worth an estimated $1.2 billion will help establish an emission-free grid with support from everything from hydrogen to wind energy, the New Zealand government and BlackRock announced Tuesday.
“With record levels of renewable electricity generation in recent years, New Zealand is well-positioned to be one of the first countries in the world to deliver a fully renewable electricity system,” New Zealand Prime Minister Chris Hipkins said.
Hipkins made the announcement alongside Energy Minister Megan Woods and representatives from U.S.-based BlackRock in the New Zealand capital on Tuesday. The aim of the $1.2 billion (USD) is to ensure New Zealand is among the first countries in the world to rely entirely on renewable resources to meet its electricity needs.
To reach its objectives, the government said it banned offshore oil and gas exploration, investing instead on “technology such as battery storage, wind and solar generation, green hydrogen production and more electric vehicle chargers across New Zealand.”
New Zealand’s government offered no time frame for its net-zero ambitions, though the energy sector is already decidedly green. The government so far in August announced that nine solar projects, with a combined 1.9 million panels, have been referred for fast-track approval since 2020.
On Monday, the government moved three wind farms to their respective consenting agencies for approval. If sanctioned, the wind farms would generate 419 megawatts worth of power at peak capacity, more than the country’s third-largest hydroelectric dam.
“It is vital we support this type of renewable energy development to help meet our national and international emissions reduction goals, decarbonize our economy, reduce costs to household and businesses and improve our national energy resilience,” the energy minister said.
New Zealand’s ambitions are similar to that of oil- and gas-rich Norway, which powers most of its economy on renewable resources.
