The Government has announced the New Zealand Green Investment Finance (NZGIF) will stop making new investments and will wind down its existing portfolio, Climate Change Minister Simon Watts says.
“Almost $400 million has been invested with very limited results and there are more than 20 other government funds operating with similar objectives to the NZGIF,” Mr Watts says.
“Alongside this, the market for low emission investments has grown, there are more funding and financing products, and we have a more robust Emissions Trading Scheme, reducing the need for government involvement.
“This Government is serious about climate change, that’s why we have committed to doubling renewable energy, investing in technology to lower emissions while boosting productivity, and cutting barriers to green investment.
“We will prioritise actions that have the greatest impact on emissions and growth and will provide real value for money. In the current economic environment New Zealanders want assurance that taxpayer money is being well spent and delivering results. We believe NZGIF is no longer aligned to that vision.”
The transition will be carried out in a structured and responsible manner, ensuring that all stakeholders are kept informed.
Within 90 days NZGIF will develop a plan for Ministers outlining how changes at the company will be implemented.
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