GIDI Fund expanded to help industries switch to clean energy

“The RFP is the first milestone in the massive $650 million expansion of GIDI, to be invested over four years. As recipients of government co-funding, applications must represent strong value for money,” Megan Woods said.

The Government’s ambitious plans to further incentivise industry to slash its emissions, for the benefit of the whole of New Zealand, is gathering momentum with the Government ready to invite requests for proposals, says Minister of Energy and Resources, Megan Woods.

“Industrial businesses ready to make the switch to clean energy and lower emissions technologies can apply from tomorrow for co-funding, with the first RFP for the expanded Government Investment in Decarbonising Industry (GIDI) Fund set to go live, tomorrow,” said Megan Woods.

“We know we need to rapidly reduce the amount of carbon polluting the atmosphere, to meet our international climate change obligations, and to help with the COVID recovery by supporting green jobs and regional investment. Co-funding through GIDI will help to get decarbonisation projects off the ground faster, unlocking larger and earlier emissions savings.

The focus of the new round of contestable co-funding is to help medium to large energy users reduce carbon emissions linked to industrial processes where high emitting fuel sources like coal and fossil gas are used – by supporting fuel switching and energy efficiency projects.

“The RFP is the first milestone in the massive $650 million expansion of GIDI, to be invested over four years. As recipients of government co-funding, applications must represent strong value for money,” Megan Woods said.

“Expanding GIDI, as we announced when we released the Emissions Reduction Plan, will supercharge our decarbonisation plans and leverage significantly more private investment, which means everyone in New Zealand will benefit from reduced emissions, cleaner air, and more productive businesses,” said Megan Woods.

The expanded GIDI Fund will soon also include support for businesses to buy and install low emission, high-efficiency electrical equipment used for industrial processes (including electric motors and electric heat pumps), and support for commercial buildings replacing fossil fuel use for space and water heating, to lower emissions and increase energy efficiency.

(With Inputs from New Zealand Government Press Release)