New Zealand's government said Tuesday it will partner with U.S. investment giant BlackRock in its aim to become one of the first nations in the world to have its electricity grid run entirely from renewable energy.
The government said it was helping BlackRock launch a $1.2 billion fund to ramp up investments in wind and solar generation, as well as battery storage and green hydrogen.
“This is a gamechanger for the clean-tech sector, and an example of the pragmatic and practical steps the government's taking to accelerate climate action while actually growing our economy and creating jobs,” Prime Minister Chris Hipkins told reporters in Auckland. BlackRock released few details about the planned 2 billion New Zealand dollar fund, but did say it would initially target institutional investors. It was the first time BlackRock had launched an initiative of its kind, said Andrew Landman, the head of BlackRock in Australia and New Zealand.
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