Future Food Aotearoa (FFA) – a founders movement driving advancement in the New Zealand and Pacific Rim foodtech ecosystem – has announced a milestone partnership with San Francisco-based innovation platform MISTA.
Developed by Givaudan, the world’s largest company in the flavour and fragrance industries, the platform supports start-ups – including those in the food tech industry – to optimise ideas, products, people, and investments. The aim of FFA’s global node partnership with MISTA is to help Aotearoa NZ foodtech founders grow beyond their domestic market.
Discussing the state of investment and innovation in the NZ plant-based sector, FFA Executive Director Katy Bluett said that they are seeing growing support from government, industry, and angel investors for early stage founders with a good value proposition.
Bluett added that there is an emerging group of alt protein companies across NZ with both B2C and B2B business models, ranging from grocery focused plant-based butters, to microalgae-derived protein ingredients, to molecular-farmed protein and precision-fermented dairy ingredients.
“Future Food Aotearoa is working hard to share and grow awareness of these companies, who often struggle to build the same level of profile as our large food industry giants. Where we see a gap is in the support for scaling companies, both in terms of experience, funding and facilities,” Bluett told Future Alternative.
Bluett also spoke about the reasoning behind targeting MISTA for cooperation.
“San Francisco resonated for a number of reasons. We then did due diligence with MISTA and felt their values and vision resonated strongly with Future Food Aotearoa and so we explored the relationship further. We are excited about where this partnership will lead in the coming year,” Bluett said.
Regarding the cooperation’s anticipated benefits to NZ food tech startups, FFA is optimistic about the results of enabling NZ foodtech start-ups to engage with other international founders and companies in MISTA’s network.
“The benefit of meeting people in person and having experienced heads to bounce ideas off will be invaluable, especially as NZ companies get back out into the world having been contained here over the pandemic. And of course access to technical expertise and the pilot facilities will be super valuable,” Alex Worker, FFA Chair and Country Manager for NZ and South Pacific, Impossible Foods, told Future Alternative.
Additional members of the FFA Steering Committee also shared their hopes for the MISTA partnership.
“We’re excited to be exploring how to scale our unique IP and microalgae technology from Aotearoa New Zealand for global nutrition needs,” said Toby Lane, CEO and co-founder of NewFish, a biotechnology nutrition company utilising microalgae.
“Ārepa has a world-class portfolio of delicious technology with global ambitions. We are building for scale,” said Angus Brown, co-founder of plant-based nutrition brand, Ārepa.
“I see an opportunity for New Zealand businesses to be purpose-driven and to have a positive impact on people and on the environment,” said Florence Van Dyke, co-founder of Chia Sisters.
Rocket Lab, a global leader in launch services and space systems, today announced it has signed a double-launch deal with NASA to deliver the Agency’s climate change research-focused mission, PREFIRE, to low Earth orbit in 2024.
The two dedicated missions on Electron will deploy one small satellite each to a 525km circular orbit from Rocket Lab Launch Complex 1 in New Zealand from May 2024. The PREFIRE mission has specific LTAN (Local Time of the Ascending Node) requirements and a need for the second satellite to be deployed to space shortly after the first, which is made possible by Electron’s unique ability to deploy dedicated small satellite missions on highly responsive timelines. The launches will be the 7th and 8th missions Rocket Lab has launched for NASA since 2018.
NASA's PREFIRE (Polar Radiant Energy in the Far-InfraRed Experiment) mission will help close a gap in understanding of how much of Earth’s heat is lost to space, especially from the Arctic and Antarctica. Analysis of PREFIRE’s measurements will inform climate and ice models, providing better projections of how a warming world will affect sea ice loss, ice sheet melt, and sea level rise. Improving climate models can ultimately help to provide more accurate projections on the impacts of storm severity and frequency, as well as coastal erosion and flooding. PREFIRE consists of two, 6U CubeSats with a baseline mission length of 10 months.
Rocket Lab founder and CEO, Peter Beck, said: “Missions like these are core to the whole reason why Rocket Lab was founded in the first place – to open up access to space to improve life on Earth – and climate change is a hugely urgent cause for us all. It’s a privilege to be able to support this important mission and an honor to be a continued trusted launch provider for small satellite missions with big impact.”
The PREFIRE mission was awarded to Rocket Lab through NASA’s Venture-class Acquisition of Dedicated and Rideshare (VADR) program, a $300 million dollar five-year contracting vehicle for placing NASA’s science and technology payloads on U.S. commercial launchers.
PREFIRE joins a long list of NASA missions awarded to Rocket Lab, including the CAPSTONE mission to the Moon on Rocket Lab’s Electron launch vehicle and Lunar Photon satellite bus, the back-to-back launches in May 2023 of the TROPICS satellites for NASA’s hurricane monitoring mission, and the NASA Starling mission launched last month on Rocket Lab’s most recent Electron recovery launch.
The 2023 AmCham - DHL Express Success & Innovation Gala Awards event was staged tonight at the Pullman Hotel.
This was the twenty fourth year of the staging of these awards and yet again attendees learned about a group of exceptional New Zealand companies successfully growing trade, investment, education and tourism, links with the USA.
The trade and investment relationships between the US and New Zealand have never been better. Two-way trade in goods grew by 18.75% in 2023 and has grown over twice the GDP rate over the last 10 years.
The Supreme winner, Auror Ltd is a crime intelligence platform that is focused on building safer communities alongside retailers looking to reduce crime, loss, and harm in their stores. More than 80 per cent of retailers in New Zealand use the platform and Auror saves NZ Police 200,000 hours a year in investigations.
From “chasing ghosts” to seeing a 270% increase in recovered loss, Walmart has experienced firsthand the advantages of empowering its team with actionable intelligence in the face of retail crime. Since partnering with Auror, the US retailer has completely changed its approach to how it deals with crime in its stores, with meaningful results.
Mark Foy, Managing Director, New Zealand & Pacific Islands, DHL Express the awards lead sponsor, said "We are proud to have supported yet another remarkable AmCham Awards evening, where it is great to acknowledge Kiwi companies who are realizing success in the USA. Auror Ltd epitomises the Kiwi success story, reflecting the entrepreneurial and innovative businesses that are experiencing on-going growth trading with the U.S.A. We congratulate them and all other winners tonight on their success”
The evenings keynote speaker with Joe Letteri, ONZM, Senior Visual Effects Supervisor of Wētā FX and five times Oscar winner who gave the audience an insight into the how some of the special effects for Avatar: The Way of Water were achieved.
The winners were:
Exporter of the Year to the USA – Innovation- New Zealand Mint LtdMinters of legal tender collectible coins, gold bullion and medallions for more than five decades.
Exporter of the Year to the USA - Technology- Fingermark LtdThe company is dedicated to developing advanced AI and computer vision technology solutions for leading QSR’s globally.
Exporter of the Year to the USA - High Growth - Auror LtdThe platform for retailers focused on improving safety, productivity, and profitability. Auror is used by leading Loss Prevention teams both business and police.
Bilateral Connections with the USA - Norris Echetebu Law
US Law Experts, with a special focus on American Business, Immigration & US Visa Law.
Investor of the Year to or from the USA- Ric Kayne & Jim Rohrstaff for their investment in Te Arai LinksA world class golf destination boasting two pure links golf courses designed by Tom Doak and the other by Bill Coore & Ben Crenshaw.
Contribution to Tourism with the USA- Active Adventures & Austin AdventuresThe company specialises in small group adventure trips, off the beaten path, with a personal touch. Offices in Queenstown & Montana.
Contribution to Sustainability- Goodnature Ltd
A team of ecologists, scientists, designers, and developers, revolutionizing the way the world kills rats, mice, and other invasive species, so nature can thrive.
Supreme winner - Auror Ltd
Palmerston North City Councilreceived a Highly Commended certificate for their contribution to bilateral connections with the USA.
The Hotel Britomartreceived a Highly Commended certificate for their contribution to sustainability.
Crombie Lockwood NZ Ltd won the 2022 AmCham Supporter of the Year award.
At the dinner four of our longstanding members were presented with their 25-year membership plaques:
Minter Ellison Rudd Watts
Pfizer New Zealand
Wendy Pye Publishing
In addition to AmCham’s lead awards sponsor DHL-Express and our airline partner, United Airlines, the awards are also supported by ANZ Bank, Ironside McDonald Intellectual Property, Lockheed Martin NZ, SweeneyVesty, media partner The Business, wine supporter Constellation Brands and event manager DDEvents.
CH4 Global will meet growing global demand for enteric methane mitigation solutions in animal agriculture.
HENDERSON, Nev., Aug. 29, 2023 /PRNewswire/ -- CH4 Global, Inc., a climate tech company on the path to radically reducing GHG emissions in animal agriculture, today announced it has raised US$29 million in Series B funding. The company will use the funds to build and validate the CH4 Global EcoPark™, an aquaculture and production facility that will make CH4 Global's signature product, Methane Tamer™, at scale.
This round, led by DCVC, DCVC Bio, and Cleveland Avenue – with participation from other investors with a strong interest in climate change – brings the total raised to date to nearly US$47 million. It also underscores market demand for safe, viable solutions to vastly reduce enteric methane from ruminant livestock.
When added to cattle feed, Methane Tamer—which uses a red seaweed (Asparagopsis)—reduces the animals' methane emissions by up to 90% while also reducing the feed energy lost to methane emissions. With the development of its CH4 Global EcoPark, the company is poised for expansion in key markets and with key partners throughout all six inhabitable continents.
This is a key development in the fight against climate change. The 1.5 billion cows on the planet produce more than 150 million tons of methane annually -- the largest single source of methane globally. At more than 12 billion tons CO2-e per year (at an average of 100 kg methane/cow), this is a larger GHG output than from the US, the EU, and India combined. Moreover, the UN cites methane as over 80 times more impactful than CO2 on global warming over the next 20 years.
"We are receiving massive interest from governments, food producers and farmers of all sizes, fueling our sense of urgency that we must act now to avoid a climate tipping point. The pressure is on with new regulations and the desire to produce at a measurably lower impact. What we've developed at CH4 Global is what we call a CH4 Global EcoPark, which enables low-cost growth and processing of Asparagopsis," said Steve Meller, PhD, co-founder and CEO, CH4 Global. "We are formulating our unique feed supplement products, Methane Tamer, to meet the specific needs of each cattle market segment, starting with feedlot operations, beef and dairy, as well as for grazing dairies. Eventually, we will also formulate for remote and generally unattended cattle around the world."
"CH4 Global's secret sauce is its product, plain and simple: the feed additive it has expertly formulated stands apart from other seaweed-based offerings," said John Hamer PhD, Managing Partner at DCVC Bio and a member of the CH4 Global board of directors. "DCVC Bio is thrilled to back Steve and his exceptional team: they are ready to scale up a critical solution to climate change."
"CH4 is exactly the kind of deep tech company the world urgently needs," said Zachary Bogue, DCVC Co-founder and Managing Partner. "Their natural and proprietary solution to the vexing global problem of methane from cattle can have a material environmental impact quickly and at scale."
As part of this funding round, Cleveland Avenue, LLC will join the CH4 Global Board of Directors. "We are excited about the opportunity that CH4 Global represents in addressing the major global problem of methane gas emissions. Cleveland Avenue looks forward to supporting CH4 Global's world-class team in this endeavor," said Randall Lewis, Managing Partner at Cleveland Avenue, LLC.
Over 150 countries have signed the Global Methane Pledge, which aims to reduce methane emissions by 30%. This followed the IPCC's May 2021 report that stated that "methane is the single biggest lever for climate change impact in the next 25 years." According to the IPCC, methane emissions must be reduced by 45% by 2030 relative to projected levels in order to put the world on a path consistent with the Paris Agreement 1.5˚C target.
About DCVC and DCVC Bio (https://www.dcvc.com)
DCVC backs entrepreneurs using deep tech to solve problems and multiply the benefits of capitalism for everyone while reducing its cost. DCVC Bio invests in early-stage life science companies driven by deep-tech approaches.
About Cleveland Avenue (https://www.clevelandavenue.com)
Founded by Don Thompson, the former President & CEO of McDonald's Corporation, Cleveland Avenue is a Chicago-based venture capital firm that invests in lifestyle consumer brands and technology companies that positively disrupt large and growing markets. To learn more, visit www.clevelandavenue.com.
About CH4 Global (https://www.ch4global.com)
CH4 Global, founded in 2018, is on an urgent mission to bend the climate curve, through collaboration with strategic partners worldwide. Led by a world-class team of senior business builders, scientists and entrepreneurs, the company delivers market-disruptive products that enable the food industry value chain to radically reduce GHG emissions. The company's first innovation, Methane Tamer™ feed additives for feedlot cattle, harnesses the power of Asparagopsis seaweed to reduce enteric methane emissions by up to 90%. CH4 Global is headquartered in Henderson, NV, with current subsidiaries in Australia and New Zealand. Learn more about CH4 Global and our recent news.
SOURCE CH4 Global, Inc.
An Auckland clinician who has created a prototype that connects microvascular arteries effectively is preparing to enter the United States market.
Clinician and bioengineer Dr Nandoun Abeysekera is the founder and CEO of Avasa. The company has produced an arterial coupler, a small device that simplifies microvascular surgery, providing a better standard of clinical care.
After collecting further data on performance of their device, Avasa intends to apply for approval from the US Food and Drug Administration to enter the United States market in 2025, but the startup will continue to be based in New Zealand.
“New Zealand’s the base, it’s where everything began – there are many compelling reasons to stay, which range from a supportive ecosystem, people and relationships with word-class clinicians,” Abeysekera says.
The device – an implant – connects tiny arteries, doing away with time-consuming and risky hand sewing of arteries. The device is a coupler, in principle similar to the ones that connect a garden hose to a pipe, except the vessels are no more than 5mm in diameter.
It can take up to 45 minutes to sew two arteries together and failure rates are up to five per cent.
With the coupler, the time to connect the arteries is reduced to five minutes, meaning there is less time where patients can be at risk of something going wrong – and, of course, more time for surgeons to do more operations.
While Abeysekera has seen couplers being used by plastic surgeons for connecting veins, this is the first time one has been designed specifically for arteries.
“There are no clinically effective devices for arteries,” he says. “There’s a device for veins which has really transformed care in reconstructive surgery – but it does not work for arteries as arteries are thicker and stiffer.”
Abeysekera, who has worked in both medicine and engineering, says there was an obvious clinical need for an arterial device, but no solution existed. His arterial coupling is the solution.
“I felt compelled to solve this problem, and I felt I was particularly skilled and suited to step out of the clinical space and develop a solution.”
Abeysekera came up with the idea while working as a plastic surgeon. After discussing it with plastic surgeon Jon Mathie at Middlemore Hospital, who supported the idea, he stepped back from clinical practice to start Avasa. Mathie is a world-class plastic surgeon and clinical advisor to Avasa; he studied medicine at Stanford University, then trained as a plastic surgeon at Harvard.
“It was a Sunday morning at the hospital. Jon Mathie was on call, and I discussed the idea of taking a hiatus from clinical practice to develop this idea, and he simply said, ‘Yeah, do it’. The next day I handed in my resignation at the hospital and worked out my notice period. It just felt right.”
That was in 2018. Avasa was founded with pre-seed funding to get it off the ground, through the University of Auckland inventors fund and operationalised with $1 million venture capital funding through Bridgewest Ventures, part of Callaghan Innovation’s Technology Incubation Scheme. By the end of 2018, Avasa had won the new ventures category in an entrepreneurship programme, the University of Auckland’s Velocity competition. To date, Avasa has raised nearly $3 million in venture capital funding.
Avasa has also been named a finalist for this year’s KiwiNet Breakthrough Innovator Award, which celebrates heroes in research commercialisation. The winner will be announced at the awards celebration on 28 September.
Abeysekera says running a startup is a huge learning experience. He has a staff of two, with a further two contracted as engineers, and is in the process of recruiting a quality manager.
“My background was in engineering and medicine; I had no exposure to entrepreneurship. When I set out to develop this product, what I cared about most was the impact it would make. I had to see this product translate into the clinical environment.
“Entrepreneurship is the vehicle for that. It is the process for how you go on to make that impact. The challenge was learning that process, having not been exposed to it before.”
Abeysekera has been able to work on his startup in a capital-efficient way, saying it was easier to go about the process of developing a solution to connect arteries having worked in the industry.
“I enjoyed some very good luck at the start that enabled me to pursue this particular idea – I understood the physiology of vascular healing and the functional requirements for an arterial coupler, I had first-hand experience of the challenges that surgeons face in the operative environment, I had a background in engineering,” he said.
“I had incredible friends and mentors, and I had the generous support of the Auckland Bioengineering Institute – all of this enabled me to develop a functioning prototype without too much capital.”
Were he to start Avasa over again, Abeysekera says he would raise more capital earlier, bring on more stakeholders into the design process and start looking through the intellectual property landscape earlier for inspiration.
But his advice for new entrepreneurs? “Don’t think too much. Just start. There’s no shortcut to experience, you just have to do it.”
Story by Dave Crampton
HON DR AYESHA VERRALL
Today’s passage of the Therapeutic Products Bill marks the most significant change to the regulation of medicines, medical devices and natural health products in nearly 40 years, Minister of Health Dr Ayesha Verrall says.
“This is a milestone for the regulation of therapeutic products in Aotearoa New Zealand, and will better protect, promote and improve the health of New Zealanders.
“The Bill provides New Zealanders with the assurances they deserve about the safety and quality of therapeutic products. It strikes the right balance in regulating these products according to their different risks and benefits,” Ayesha Verrall said.
As well as replacing and modernising the regulatory arrangements for medicines, the Bill will provide fit-for-purpose regulation of medical devices and cell, gene and tissue therapies which, until now, have not been fully regulated.
It will also be the first time New Zealand has comprehensive risk-proportionate regulation in place for natural health products.
“The Bill will bring our country into line with our international counterparts, support innovation and ensure effective control over quickly evolving health technologies,” Ayesha Verrall said.
“Without legislation like this to help guide, evaluate and test emerging health technologies, New Zealand would continue to face difficulties developing or introducing to market necessary and high-quality therapeutic products.”
Changes made to the Bill during its final progress through the House this week strengthen the controls that can be placed on advertisements involving therapeutic products. Currently medicines, including prescription medicines, can be advertised subject to strict controls under the Medicines Act.
“The changes come as a result of talking and listening to experts about their concerns that direct-to-consumer marketing causes undue harm, and allow for future regulations restricting these practices,” Ayesha Verrall said.
“I acknowledge direct advertising of medicines is a controversial area and I am confident the Bill strikes the right balance in regulating advertising in a manner that respects the right of New Zealanders to share and receive information.”
As previously signalled, the Bill includes an exemption scheme for small scale natural health product manufacturers and removes obligations which might otherwise have applied to rongoā [traditional Māori medicine] practitioners, services and activities.
“Proposed changes to the Bill will ensure whānau can continue to use, create, and manage rongoā as they have for generations.”
Most provisions in the Bill will come into force in mid to late 2026, with the establishment of a new, independent regulator to oversee the regime.
This will follow the development of secondary legislation, including regulations and rules, involving consultation with stakeholders.
The Therapeutic Products Bill was introduced to the House on 30 November 2022.
The Health Select Committee considered the Bill, reviewing more than 16,500 submissions and hearing submissions from more than 300 organisations and individuals.
The purpose of the Bill is to protect, promote and improve the health of all New Zealanders by providing for the:
The Bill will replace the Medicines Act (1981) and the Dietary Supplements Regulations 1985.
The Medicines Act currently provides insufficient coverage of the many products used in modern healthcare delivery. And the Dietary Supplements Regulations are not fit for purpose, are inflexible and out of date.
A US lobby group is calling for increased tariffs on New Zealand lamb in a bid to help the struggling local industry.
R-CALF USA, the largest body representing producers of cattle and sheep in the United States, said the sheep industry there has been decimated over the last three decades with an explosion of lamb and mutton from Australia and New Zealand pushing down returns for local producers.
It is petitioning the United States trade ambassador - calling on her to slow imports of lamb.
Speaking from Montana this morning the group's chief executive Bill Bullard said lamb production in the US has declined by 60 percent in the last 30 years.
"We began to see an increase in imports back in the early 90s and while the imports increased, our domestic production began to fall because the imports were cheaper and our domestic sheep meat couldn't compete with it.
"Farmers have left the industry, packing plants have closed and we've seen a drastic reduction in the economic viability of our sheep shipping industry in the United States."
Bullard said the country only has about five million sheep left.
"It's still being eaten and in fact lamb consumption in the US is increasing significantly year after year, but imported meat makes up 74 percent of the market and domestic supply is only 26 percent - something we want to see changed."
New Zealand lamb exported to the US currently faces tariff rates of between 0.7 and 2.8 cents depending on the product.
Bullard would like to see that increased as well as stricter quantity restrictions on imports which would provide space for the domestic industry to rebuild - creating more of an even playing field.
"We're proposing this is done over a 10-year period because we're not trying to stop imports, because if we did, we could not meet domestic demand for lamb. But what we need to do is provide space for our industry so it can recapture at least half of the domestic market share.
"We have no ill-will towards New Zealand or Australian sheep producers. We understand that prices have been depressed there as well and so we have an international problem in that we have a high level of concentration on a global scale and as a result, it's the middleman that is capturing much of the profits."
The New Zealand Meat Industry Association has been approached for comment.
Close to 10,000 of Amway China’s top achievers will visit Aotearoa New Zealand, spread throughout October, November and December 2023. The main visit programme is centred in Auckland and Queenstown, with visits to Rotorua and Aoraki Mount Cook. The programme incorporates training sessions, reward activities plus a half-day business meeting and gala dinner.
A range of agencies and industry including Tourism New Zealand, Tātaki Auckland Unlimited, and industry operators worked together to attract the event and are working together to support the visits.
Incentive travel programmes attract high-quality visitors to New Zealand who tend to stay longer, spend more and travel to multiple regions and activities, says Tourism New Zealand Chief Executive Rene de Monchy.
“Tourism’s contribution is critical to New Zealand’s economic recovery. Securing the Amway China visit is not only a win for our industry but will help to provide a cash injection into New Zealand’s retail, accommodation, hospitality and transport sectors during our off-peak season.”
Ken Pereira, the Head of the Auckland Convention Bureau, a division of Tātaki Auckland Unlimited, says: “Tāmaki Makaurau Auckland has long been a popular destination for visitors from China. We cannot wait to welcome Amway China’s distributors to Auckland for the first time, extend our manaakitanga, and showcase the amazing experiences and attractions across our region.
“A business event programme of this scale will deliver a range of significant outcomes for our region, and we look forward to working with Amway China to demonstrate how Auckland delivers a world-class experience in a sustainable and culturally meaningful manner.”
Prior to COVID-19, China was New Zealand’s second largest market, and contributed over $1.7 billion to New Zealand’s economy. Chinese visitors are high-quality, often travelling in off peak seasons, engaging in a range of activities and cultural experiences.
ANZ Investments today announced it has signed a non-binding memorandum-of-understanding (MOU) with Mercer, as it moves to evolve and grow its business.
Managing Director of ANZ Funds Management, Fiona Mackenzie, says the MOU is a development which proposes to leverage ANZ Investments’ local expertise with Mercer’s global capability and scale for the benefit of customers.
“Since KiwiSaver’s inception in 2007, ANZ Investments has successfully grown to become the country’s biggest provider. We are proud of the service we provide to our more than 670,000 customers.
“We take our responsibility to support their financial wellbeing seriously, through accelerating ownership of their first home, growing their investment balances, and improving outcomes for life after 65.
“However, to ensure we stay competitive and continue to meet the changing needs of our customers, our business model needs to continue to adapt and evolve,” Ms Mackenzie said.
ANZ Investments’ arrangements with Mercer are intended to leverage Mercer’s global expertise in investments and investment governance.
Mercer is a global leader in investments and retirement, with US$393 billion of assets under management  and US$16.45 trillion in assets under advisement  globally.
ANZ Investments also announced a separate non-binding memorandum-of-understanding with BlackRock. The arrangements with BlackRock include the provision of risk management services to support portfolio resilience.
BlackRock offers global investment expertise across risk management and innovative investment portfolio solutions.
Ms Mackenzie said customers can be confident any potential investment partnerships will be designed with the aim of improving customer outcomes in the long term and that ANZ Investments remains accountable for its investment decisions.
“ANZ Investments remains an active investor and will continue to select assets that we believe will perform strongly over the long term.”
In addition, ANZ’s current Chief Investment Officer Paul Huxford has decided to take the next step in his career and will be leaving ANZ in December.
Ms Mackenzie said Mr Huxford has been a valued member and leader of ANZ Investments for the last five years.
“Paul has contributed immeasurably to the growth of our investment business, and we’ve valued his expertise. Having built a strong team and delivered several important initiatives, he felt this was the natural time for him to hand over to a new leader.”
Ms Mackenzie says he will continue to perform his regular duties until December to ensure a smooth transition.
The Government has worked with BlackRock, one of the world’s largest investors in climate infrastructure and clean technology, to launch a $2 billion fund with the goal of making New Zealand one of the first countries in the world to reach 100% renewable electricity.
Prime Minister Chris Hipkins announced the first of its kind New Zealand net zero Fund alongside Minister of Energy and Resources Megan Woods and representatives of BlackRock in Auckland today.
“This is a first of its kind fund in the country that demonstrates the huge economic potential of New Zealand being a climate leader and our goal of generating 100% renewable electricity,” Chris Hipkins said.
“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.
“With countries around the world experiencing the impacts of climate change on a daily basis, it’s never been more urgent to invest in technology that will help address the climate crisis, and New Zealand is well positioned to be a home for that investment.
“Cyclone Gabrielle and the Auckland floods were reminders we must speed up our own climate action, and the fund will super charge investments in clean technology that might otherwise not have happened.
“This is a game changer for the clean tech sector and another example of the pragmatic and practical steps the Government is taking to accelerate climate action while growing our economy,” Chris Hipkins said.
“This fund will accelerate New Zealand’s emissions reductions, with a particular focus on our path to 100% renewable electricity, enabling our businesses to access greater pools of capital to develop and grow,” Megan Woods said.
“With record levels of renewable electricity generation in recent years, New Zealand is well-positioned to be one of the first countries in the world to deliver a fully renewable electricity system.
“Investors in the green economy can see our potential and recognise our commitment to climate commitments and goals, such as our banning of further offshore oil and gas exploration.
“New Zealand is now an investment magnet for capital that will unlock technology such as battery storage, wind and solar generation, green hydrogen production and more electric vehicle chargers across New Zealand.
“We’ve already making significant progress on New Zealand’s decarbonisation transition, partnering with the likes of NZ Steel and Fonterra to reduce emissions while retaining jobs here in New Zealand.
“The New Zealand net zero Fund will look to crowd in investment from Crown companies and entities, including superannuation funds, and private sector funds to accelerate New Zealand’s transition to 100% renewable electricity.
“This arrangement means we will get there faster, with opportunities for local investment in a low emissions economy. That will be a significant selling point for New Zealand businesses as consumers demand more sustainable products and services.
“The projects funded through investment in the New Zealand net zero Fund will not only decarbonise our energy use, but will also create highly-skilled jobs here in New Zealand, and opportunities to grow New Zealand companies,” Megan Woods said.