Taranaki Offshore Partnership, a joint venture between Copenhagen Infrastructure Partners and NZ Super Fund, welcomes the decarbonisation initiatives announced in Budget 2023 alongside initiatives to address other immediate needs.

Taranaki Offshore Partnership’s Giacomo Caleffi, says these initiatives signal ongoing commitment to driving the decarbonisation of the economy, but more will be needed in the future to build momentum in New Zealand’s transition to home-grown clean energy.

“In the meantime, this gives us confidence as we continue to invest in investigating the feasibility of our proposed offshore wind farm off the coast of Taranaki, leveraging our proven experience of developing and operating offshore wind farms around the world,” says Mr. Caleffi.

New Zealand has over 80% renewable electricity already, but across the economy – including transport and industrial heat – the proportion of all energy that is renewable is around 40%. To meet emissions reduction targets will require greater electrification and significant new sources of renewable energy.

“Offshore wind is one of the fastest-growing renewable energy technologies globally, as it enables renewable energy generation at scale and complements other forms of renewable energy, for example generating electricity when other technologies might not,” says Mr. Caleffi.

Taranaki Offshore Partners’ proposed offshore wind farm would produce up to 1GW of electricity, comparable to some of the largest hydroelectric power plants in the country, capable of meeting over 11 per cent of New Zealand’s current electricity demand.

“As well as delivering renewable energy at scale, the development of an offshore wind industry in Taranaki will also create new opportunities for skilled workers smoothing the transition away from emissions intensive industries.

“There are significant opportunities ahead for Government to play a role in delivering a real step change in the transition low-emissions economy by supporting large renewable energy projects, including offshore wind,” says Mr. Caleffi.

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