Minister for Climate Change, James Shaw, has 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,” 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. 

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.

NZGIF expect that the announcement will be the first in a series of investments planned for 2020.