Prime Minister Chris Hipkins and Energy and Resources Minister Megan Woods announced the deal today.
The pair lauded the agreement as a ‘first of its kind climate fund to back 100% renewable electricity.’
The goal of the fund is to make New Zealand one of the first country’s in the world to reach the goal of 100% renewable electricity.
Representatives of BlackRock were present at the announcement in Auckland today.
The $2 billion fund, ‘will not only decarbonise our energy use, but will also create highly-skilled jobs here in New Zealand, and opportunities to grow New Zealand companies,’ said Woods.
Hipkins called the deal a ‘game-changer’, adding that it will ‘accelerate climate action while growing our economy.’
‘New Zealand is now an investment magnet for capital that will unlock technology such as battery storage, wind and solar generation, green hydrogen production and more electric vehicle chargers across New Zealand.
‘We’ve already making significant progress on New Zealand’s decarbonisation transition, partnering with the likes of NZ Steel and Fonterra to reduce emissions while retaining jobs here in New Zealand,’ said Woods.
‘The New Zealand net zero Fund will look to crowd in investment from Crown companies and entities, including superannuation funds, and private sector funds to accelerate New Zealand’s transition to 100% renewable electricity.
‘This arrangement means we will get there faster, with opportunities for local investment in a low emissions economy. That will be a significant selling point for New Zealand businesses as consumers demand more sustainable products and services.
Luxon ‘welcomes’ BlackRock’s investment
National Party leader Christopher Luxon told 1News that his party would ‘really welcome that [BlackRock’s] investment.’
‘It underscores exactly what we’ve been saying, which is that the world is awash with investment opportunities for companies and funds that actually want to invest in renewable energy.
‘I think the major challenge we’ve observed with this government is around consenting. So it’s fantastic, the investment is up to being made in New Zealand, we fully support it.’
BlackRock – a corporate driver of ‘climate chaos’
Opponents of the deal point out BlackRock’s record as one of the world’s biggest corporate drivers of ‘climate chaos and ecocide.’
The company was one of the biggest investors in fossil fuel energy, including coal.
Greenwashing their corporate image while no doubt also receiving tax payer funded subsidies to end up with control of infrastructure.
If blackRock are circling…it's not out of love. pic.twitter.com/kPdkwrFgDx
— MANZA (@TJNZ11) August 8, 2023
As of 31 December 2022, the company had over US$8.5 trillion worth of assets under management. Investments included major stakes in the world’s largest corporations, in a wide range of industries, from pharmaceuticals to media, and Big Tech.
There are only two countries in the world that have bigger GDP’s compared to the amount of assets BlackRock ‘manage’ – the USA and China.
I thought monopolies were illegal.
Yet there's State Street, Blackrock & Vanguard
How big is Blackrock? $10 Trillion. How big is $10 Trillion? Only 2 countries have a bigger GDP than what Blackrock has assets under management..U.S. & China. pic.twitter.com/dvHekrovJf
— CCBee (@SeaSeaBee) August 7, 2023
ACT Party leader David Seymour criticised the deal, saying ‘New Zealanders don’t want to be subject to a ‘world first’ climate change experiment that will mean the government micromanages their lives.’
The ACT Party press release did not mention BlackRock by name. Unverified reports on social media claim former senior high-profile ACT figures helped to ‘facilitate’ the deal.
If you want to understand Blackrock then I recommend watching this documentary. I've red pilled many people with this documentary 👏👏https://t.co/cewtBmI3KB
— The Golden Age is coming (@PatriotNz2022) August 8, 2023
BlackRock – The company that ‘owns the world’
BlackRock’s size and the power, and the influence this concentration of financial resources creates has concerned numerous commentators for some time. It not only ‘owns the world’, but controls governments. The latter claim was exposed recently in an undercover report by O’Keefe Media Group.