Extra $5m on table for green projects
Tomorrow our council will consider investing an extra $5 million for projects that will reduce carbon emissions, which would be funded from our Low Carbon Acceleration Fund (LCAF). This is not funding from the ratepayers.
This innovative fund was established by GWRC in 2020 (this term) by borrowing against a free allocation of carbon credits.
With the price of these credits continuing to rise, the council will consider whether the loan is extended to 70 per cent of the credit’s value.
In my first term it was pleasing to be part of the council that set the target to become carbon positive by 2030. I’m proud that GWRC is continuing that bold leadership and backing innovative ways to fund projects that leverage new opportunities without relying only on rates.
The total value of the fund so fare, about $8 million, has been allocated to Parks Restoration/Recloaking
Papatu¯ a¯ nuku. Projects under way include:
As I’ve detailed previously in this column, $1.4 million has been allocated to restore 128.5ha of peatland and dune forest at Queen Elizabeth Park.
Wellington Regional Council parks cover 40,000ha, some of which is commercially farmed. Over the next 10 years we’re going to restore over 1100ha to help Papatu¯ a¯ nuku reclaim her cloak.
Our vision is that the farmland on our parks will revert to wetlands, peatlands and forest. Habitats will be created for native plants and
animals to flourish. Climate change and the risk of flooding will be mitigated, and we will have cleaner air and water.
So utilising this fund means we can accelerate the plans we have activated, and in fact do more, and do it sooner, to restore our degraded environment.
The committee also recommended that the council amend the eligibility criteria for the fund to allow applications from the Wellington Regional Stadium Trust. The trust was established by Greater Wellington and the Wellington City Council.