WELLINGTON, New Zealand — New Zealand’s federalgovernment stated Tuesday it will partner with U.S. financialinvestment giant BlackRock in its objective to endedupbeing one of the veryfirst countries in the world to have its electricalenergy grid run completely from sustainable energy.
The federalgovernment stated it was assisting BlackRock launch a $1.2 billion fund to ramp up financialinvestments in wind and solar generation, as well as battery storage and green hydrogen. Some of the financialinvestment is anticipated to come from government-owned business.
New Zealand’s electricalenergy grid currently runs off about 82% eco-friendly energy after it damned rivers years ago to produce hydroelectric power. The federalgovernment stated it intends to reach 100% eco-friendly generation by the end of this years.
The statement comes 2 months out from an election, with the federalgovernment hoping to burnish its green qualifications. Critics point out the country’s total greenhouse gas emissions have hardly budged because the federalgovernment symbolically stated a environment emergencysituation in 2020.
“This is a gamechanger for the clean-tech sector, and an example of the pragma