Otago Daily Times

Fund set up to pro­mote switch from fos­sil fu­els

- Business · Climate Change · Oceania News · Clean Tech · Ecology · Transportation · Energy · Industries · Plymouth · Jacinda Ardern · Plymouth · New Zealand · New Plymouth · Megan Woods

NEW PLY­MOUTH: The Gov­ern­ment has launched a $70 mil­lion fund to help in­dus­tries switch from fos­sil fu­els to cleaner en­ergy for process heat.

Prime Min­is­ter Jacinda Ardern an­nounced the fund while in New Ply­mouth yes­ter­day.

It will al­low busi­nesses to ac­cess fi­nan­cial sup­port to switch away from boil­ers run on coal and gas, to cleaner elec­tric­ity and biomass op­tions.

Ms Ardern said it was a ‘‘win­win’’ for both the cli­mate and the eco­nomic re­cov­ery.

‘‘The $70 mil­lion fund will cre­ate jobs and stim­u­late the econ­omy while demon­strat­ing our commitment to fu­ture proof­ing our re­cov­ery.

‘‘It pro­vides much­needed fi­nan­cial sup­port to busi­ness to as­sist with the of­ten costly tran­si­tion of plant and equip­ment to clean en­ergy sources.’’

Process heat makes up about a quar­ter of New Zealand’s en­er­gyre­lated emis­sions.

En­ergy and Re­sources Min­is­ter Me­gan Woods said the fund would be key in re­duc­ing those emis­sions.

‘‘The new fund will tar­get New Zealand’s largest en­ergy users to ac­cel­er­ate their up­take of elec­tri­fi­ca­tion and other tech­nolo­gies that will dra­mat­i­cally lower emis­sions from this sec­tor, and cre­ate clean en­ergy jobs.’’

The fund will be ad­min­is­tered by the En­ergy Ef­fi­ciency and Con­ser­va­tion Au­thor­ity, and will be avail­able to New Zealand­based busi­nesses that demon­strate a commitment to de­car­bon­is­ing.

‘‘Suc­cess­ful ap­pli­cants will likely al­ready have a plan in place to de­car­bonise their process heat, and will be able to demon­strate value for money as well as their con­tri­bu­tion to the eco­nomic re­cov­ery by boost­ing eco­nomic ac­tiv­ity and pro­vid­ing lo­cal em­ploy­ment,’’ Ms Woods said.

‘‘We’re re­quir­ing New Zealand busi­nesses to im­ple­ment these projects quickly, not only to get the ben­e­fits of lower green­house gas emis­sions and greater eco­nomic ac­tiv­ity, but to demon­strate to in­dus­try across New Zealand that there are proven vi­able so­lu­tions to their clean en­ergy needs.’’

A min­i­mum of $15 mil­lion is avail­able in the first fund­ing round. — RNZ

Newspapers in English

Newspapers from New Zealand