The 'Electric Election': energy policies, side by side
Opportunity will establish a $1 billion Industry Energy Resilience Fund so New Zealand businesses can switch away from fossil fuels faster, cutting emissions while strengthening energy security and reducing costs.
Opportunity Party Leader Qiulae Wong made the announcement today in a speech to the Climate Leaders Coalition, a group of CEOs representing 30% of NZ's GDP who are committed to leading climate action.
“New Zealand industry is being squeezed by tightening gas supply and high energy costs. We need to help businesses move quickly to cheaper, cleaner, more reliable energy sources.
“Keeping New Zealand dependent on fossil fuels isn't the answer. Nor is spending billions devising another state-owned gentailer. There is a better solution: unlock private investment so businesses can switch faster,” Wong says.
Opportunity’s Industry Energy Resilience Fund (IERF) will help overcome the upfront costs that currently stop decarbonisation projects proceeding, including the cost of new plant, grid connections and network upgrades.
The fund will be capitalised through a $1 billion green bond backed by future ETS auction proceeds, with those proceeds ring-fenced to support the switch over time.
“We’ll use loans, guarantees and underwriting to get private capital moving and recycle investment into successive projects," says Wong
"Most of the fund will be delivered through concessional loans and other financing tools, with targeted grants reserved for areas such as engineering work, project planning and network connection costs.
“Industrial electrification will help support investment in new renewable generation. When businesses can confidently switch from fossil fuels to electricity, that creates the demand needed to justify more generation and network investment.
“Combined with Opportunity’s plan for abundant renewable energy, that means a more reliable system and lower electricity prices.
“We can reduce emissions and make energy cheaper. Let's stop the flip-flopping and get on with it,” says Wong.
BloombergNEF says sales of combustion cars peaked in 2017 and there's no coming back, while a new study in New Zealand shows petrol vehicles were losing value more quickly than equivalent models did a decade ago; big batteries aren't just for storing electricity, they can also store heat; the story of the world's biggest electric ferry and the Australian company that made it; electric motorbikes are doing a lot of heavy lifting on emissions reduction, so why don't they get more attention?; and a new show called HallowGreen2 that tackles the energy transition "with music, humour and a hopeful message”.
Read moreDownloadRNZ's Kate Newton looks at why no-one is really talking about emissions as an election issue. As Mike Casey said: "The climate movement up until this point has been very, very good at creating dartboards, but terrible at providing people with darts to play the game." That's allowed for inaction, and active lobbying against climate change action from fossil fuel companies and others who stand to lose out ... The solution is "flipping it into a strong economic narrative that they can't possibly fight with".
Read moreDownloadHumans are comparative creatures and they're particularly comparative during election season. That's why we've created a rundown of all the energy-related election policies that have been announced by the parties so far.
Read moreDownload
