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.

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