New Zealand's government and BlackRock are to launch a $1.22bn climate infrastructure fund to invest in solar, wind, green hydrogen and battery storage technology.

In what is claimed to be the first of its kind climate fund, the goal is to support New Zealand to become one of the first countries in the world to achieve fully renewable electricity.

New Zealand Prime Minister Chris Hipkins announced the fund alongside Minister of Energy and Resources Megan Woods and representatives of BlackRock in Auckland, saying: “It proves again that we can grow our economy while we lower emissions. This fund is a massive opportunity for New Zealand innovators to develop and grow companies. I’m absolutely stoked about what this means for Kiwi ingenuity in renewable energy; it shows that our ambitious climate targets have the world’s attention, and that they are good for the climate, good for the economy, and will help create highly skilled jobs.”

New Zealand is in a good position to achieve its goal, with 84 per cent of electricity usage already coming from renewable sources, in particular hydroelectric power, and a target date of 2035 to reach 100 per cent renewable energy.

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