Government launches innovative green private finance pilot project

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The government, through the Energy Efficiency Conservation Authority (EECA), has launched an innovative green private finance pilot project, working with participating financiers to help businesses secure finance for large decarbonization projects,” Energy and Resources Minister Megan Woods said.

“This pilot project will further support initiatives focused on climate impact and reducing emissions,” said Megan Woods.

“It will help connect large companies wishing to decarbonize with green financial products, services and expertise, and streamline the process of making private finance available.”

The pilot project is aligned with the government’s Expanded Government Decarbonization Industry Investment Fund (GIDI) administered by EECA. EECA invites applicants with large decarbonization projects to apply now for contestable co-funding to reduce carbon emissions from their industrial processes.

The support offered by each financier to GIDI applicants depends on the range of sustainable products and services they offer – this can include reduced loan rates, advisory services and expertise to support the implementation of complex energy projects.

“We know we need more tools to help us achieve our climate change goals. Green finance initiatives can help close the investment gap companies face when trying to make what it takes. This will benefit all New Zealanders,” said Megan Woods.

“We are delighted to have such excellent support for the decarbonisation of New Zealand businesses from participating financiers. Common problems require common solutions, and this pilot project is a great example of that.”

(With contributions from the New Zealand government press release)


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