Government to close under-fire $400m climate fund

The Government plans to close a $400 million climate investment fund, begun by former Climate Change Minister James Shaw. The fund had been under fire for backing SolarZero, shortly before the solar energy company was liquidated. Current Climate Change Minister Simon Watts announced today that New Zealand Green Investment Finance (NZGIF) will stop making new investments and will wind down its existing portfolio.

The Government is not sure how much money it will recoup from the sell down. Watts’ office said it was “too early to comment on the amount of money the Crown will recoup from NZGIF”. However, the fund’s “new mandate is focused on expediting the repurposing of the portfolio in a timely manner that maximises returns”.



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