Scoop has an Ethical Paywall
Work smarter with a Pro licence Learn More
Parliament

Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 

Greens will establish a Green Investment Bank

13 May 2014

Greens will establish a Green Investment Bank

The Green Party will establish a Green Investment Bank as a first step in accelerating New Zealand’s transition to a smarter greener economy, Green Party Co-leader Dr Russel Norman announced today.

The Green Investment Bank will be an enduring, government-owned, for-profit bank partnering with the private sector to fund new projects ranging from renewable energy and biofuel production to new clean technologies.

“Like Kiwibank before it, the Green Investment Bank will combine the best of the public and private sectors to accelerate New Zealand’s transition to a smarter, greener economy,” said Dr Norman.

“The Bank will act as an independent and expert facilitator of private sector capital to secure billions of dollars of new investment into smart green innovation.

“The Green Bank will act as a catalyst for investment in the green economy. It will be a central instrument in transitioning investment away from polluting industries and into the clean and profitable investments of tomorrow.

“PricewaterhouseCoopers have estimated that the clean technology sector could be worth between $7.5 billion and $22 billion to the New Zealand economy by 2015. We want to ensure it’s on the higher end of those forecasts.

“Considerable new investment opportunities lie in renewable energy plants, solar panel installations, energy efficiency retrofits, the development and production of significant volumes of biofuels, and new clean technologies.

Advertisement - scroll to continue reading

Are you getting our free newsletter?

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.

“The Bank will mirror the success of green banks overseas. There are successful precedents throughout Europe, Japan, and the USA with two of the newest green banks started in the UK and Australia.

“The Bank will cost $120 million over the next three years and will be paid for by raising oil mining royalty rates to those charged internationally.”

Dr Norman was critical of National’s failure to seize the economic opportunities presented by the cleantech revolution.

“The cleantech sector is taking off internationally but National has chosen to invest in the old economies – like mining and oil drilling – which are neither jobs-rich nor sustainable,” Dr Norman said.

“The Green Investment Bank is one of a suite of new measures we will be announcing before the election to set New Zealand on the right track – creating good jobs in a high tech, low-carbon economy.”

Link to the Green Investment Bank policy paper:
https://www.greens.org.nz/sites/default/files/green_investment_bank_policy_paper_web.pdf

green_investment_bank_policy_paper_web.pdf

© Scoop Media

Advertisement - scroll to continue reading
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines


Gordon Campbell: On The US Opposition To Mortgage Interest Deductibility For Landlords


Should landlords be able to deduct the interest on the loans they take out to bankroll their property speculation? The US Senate Budget Committee and Bloomberg News don't think this is a good idea, for reasons set out below. Regardless, our coalition government has been burning through a ton of political capital by giving landlords a huge $2.9 billion tax break via interest deductibility, while still preaching the need for austerity to the disabled, and to everyone else...
More


 
 

Government: Concerns Conveyed To China Over Cyber Activity
Foreign Minister Winston Peters has confirmed New Zealand’s concerns about cyber activity have been conveyed directly to the Chinese Government. “The Prime Minister and Minister Collins have expressed concerns today about malicious cyber activity... More

ALSO:


Government: GDP Decline Reinforces Government’s Fiscal Plan

Declining GDP for the December quarter reinforces the importance of restoring fiscal discipline to public spending and driving more economic growth, Finance Minister Nicola Willis says... More

ALSO:


Government: Humanitarian Support For Gaza & West Bank

Winston Peters has announced NZ is providing a further $5M to respond to the extreme humanitarian need in Gaza and the West Bank. “The impact of the Israel-Hamas conflict on civilians is absolutely appalling," he said... More


Government: New High Court Judge Appointed

Judith Collins has announced the appointment of Wellington Barrister Jason Scott McHerron as a High Court Judge. Justice McHerron graduated from the University of Otago with a BA in English Literature in 1994 and an LLB in 1996... More

 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels


 
 
 
 

Join Our Free Newsletter

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.