18 Jun 2020

$15m pumped into electric vehicles, renewable energy at CentrePort Wellington

2:31 pm on 18 June 2020

The government's $100 million green fund, which was established at the start of the coalition's term, has made its first investment.

Green Party co-leader James Shaw

Climate Change Minister James Shaw. Photo: RNZ / Dom Thomas

The entity, Green Investment Finance Limited, was set up with the aim of lowering New Zealand's greenhouse gas emissions.

The green fund is pumping $15m into electric vehicles, generating renewable energy and upgrading energy efficiency at Wellington's port.

CentrePort has agreed it will not access the money until it is clear on how the project will contribute to lowering emissions.

However, electric port vehicles are expected to arrive later this year.

Climate Change Minister James Shaw said the CentrePort projects were "exactly the type of innovative approach we need in order to meet our climate targets and leave behind a safer planet for our children and grandchildren."

He hoped the funding would inspire other organisations to make similar climate-friendly investment decisions.

"As we recover from the global pandemic we have the opportunity to invest in a clean-tech, high-value economy that works for everyone. This will help protect our planet for future generations," Shaw said.

Get the RNZ app

for ad-free news and current affairs