Why this is important to Wisconsin businesses: Wisconsin companies could provide expertise in the growing renewable energy sector.
New Zealand wants to be one of the first countries in the world to reach 100% renewable electricity.
The government and BlackRock, one of the world’s largest investors in climate infrastructure and clean technology, have created a $2 billion NZD ($1.3 billion USD) fund, inviting additional investors to help finance renewable energy projects in wind, solar, battery storage, and green hydrogen.
“This is a first-of-its-kind fund in the country that demonstrates the huge economic potential of New Zealand being a climate leader and our goal of generating 100% renewable electricity,” Prime Minister Chris Hipkins said. “It proves again that we can grow our economy while we lower emissions.”
In 2019, the government set a goal of 100% renewable power by 2035. As of 2020, 84% of electricity use is renewable.
Geothermal energy provides 22% of New Zealand’s primary energy supply and more than 17% of its electricity, according to Invest New Zealand. The country has 17 onshore wind farms that can produce up to 690 megawatts (MW) of electricity, with another 345 MW of wind turbines under construction. Solar power provides another 160 MW, and the government is collaborating with Japan on technology for green hydrogen.
Government programs provide additional assistance through the $400 million NZD ($254 million USD) Green Investment Fund and the $27 million NZD ($17 million USD) National New Energy Development Centre.
Wisconsin companies with expertise in the renewable energy industry may find opportunities to participate in New Zealand’s push to accelerate green power.
