Government begins innovative green private finance pilot

“This pilot will further support initiatives focussed on climate impact and emissions reduction,” Megan Woods said.

The Government, through the Energy Efficiency Conservation Authority (EECA) has begun an innovative green private finance pilot, working with participating financiers to help businesses get finance for big decarbonisation projects, says Minister of Energy and Resources, Megan Woods.

“This pilot will further support initiatives focussed on climate impact and emissions reduction,” Megan Woods said.

“It will help link up large businesses wanting to decarbonise with green financial products, services and expertise, and streamline the process of private funding being made available.”

The pilot is aligned with the government’s expanded Government Investment in Decarbonising Industry (GIDI) Fund administered by EECA. EECA is inviting applicants with large decarbonisation projects to apply now for contestable co-funding to help reduce the carbon emissions from their industrial processes.

The support offered by each financier to GIDI applicants depends on the suite of sustainable products and services they offer – this may include discounted lending 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 fill the investment gap businesses face when trying to do the right thing. This will benefit all New Zealanders,” Megan Woods said.

“We are thrilled to have such excellent support for the decarbonisation of New Zealand business from participating financiers. Joint problems require joint solutions, and this pilot is a great example of that.”

(With Inputs from New Zealand Government Press Release)