New Zealand to finance its energy transition with Blackrock fund

The government of New Zealand, in cooperation with U.S. investment firm Blackrock Inc., plans to use a specially launched fund to make New Zealand »one of the first countries in the world to reach 100 percent renewable electricity.« The government’s goal is to switch the country's power supply entirely to renewable energy by 2030.
The two-billion New Zealand dollar (USD 1.2 billion) fund is designed to accelerate investment for the development of »green energy options« such as solar, wind, green hydrogen and battery storage. Meanwhile, the announcement released Tuesday (Aug. 8) by Prime Minister Chris Hipkins and Energy and Resources Minister Megan Woods on the collaboration with Blackrock did not provide any details on the timeline or how the fund will be organized and controlled. According to media reports, representatives of the financial group merely stated that this was the first country-specific investment of this kind for Blackrock.

Related News