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Aug. 8 (UPI) — New Zealand’s government and BlackRock have jointly unveiled a fund valued at around $1.2 billion to facilitate the establishment of a grid that is entirely free of carbon emissions. To achieve this objective, various renewable energy sources such as hydrogen and wind power will be utilized.
“With its record levels of renewable electricity generation in recent years, New Zealand is well-positioned to be among the first countries in the world to deliver a fully renewable electricity system,” stated New Zealand Prime Minister Chris Hipkins.
Hipkins, accompanied by Energy Minister Megan Woods and representatives from BlackRock, made this significant announcement in the New Zealand capital. The primary objective of the $1.2 billion fund is to ensure that New Zealand becomes one of the pioneering nations reliant only on renewable resources to fulfill its electricity requirements.
To meet its set objectives, the government has prohibited offshore oil and gas exploration and is now investing in alternative technologies, including battery storage, wind and solar power generation, green hydrogen production, and the installation of more electric vehicle chargers across the country.
Although New Zealand’s government has not provided a specific timeframe for achieving its net-zero ambitions, the country’s energy sector is already displaying a strong commitment to renewable energy. In August alone, the government fast-tracked the approval of nine solar projects, featuring a combined total of 1.9 million panels, since 2020.
Furthermore, on Monday, the government submitted three wind farm proposals to the relevant consenting agencies for approval. If authorized, these wind farms will generate 419 megawatts of power at peak capacity, exceeding the output of the country’s third-largest hydroelectric dam.
“Supporting the development of renewable energy sources is critical to meet our national and international emissions reduction goals, decarbonize our economy, reduce costs for households and businesses, and enhance our national energy resilience,” stated the Energy Minister.
New Zealand’s aspirations mirror those of Norway, a country rich in oil and gas resources, which already powers a significant portion of its economy using renewable resources.
