Prime Minister Jacinda Ardern and Minister for Energy and resources Dr. Megan Woods today announced the Government Investment in Decarbonising Industry (GIDI) Fund(external link).
The $70 million fund, administered by EECA, will allow business and industries to access financial support to switch away from boilers run on coal and gas, to cleaner electricity and biomass options.
“Reducing greenhouse gas emissions from process heat is win win for our climate and our recovery,” Prime Minister Jacinda Ardern said.
“The $70 million fund will create jobs and stimulate the economy while demonstrating our commitment to future proofing our recovery.
“It provides much needed financial support to business to assist with the often costly transition of plant and equipment to clean energy sources.
“The Interim Climate Change Commission recommended a focus on lowering emissions from process heat as a priority for decarbonising our economy.
I have set out that the economic recovery from Covid and addressing climate change are priorities for the new Government. This fund creates jobs while lowering emissions and is the exact sort of initiative that will help us to build back better from Covid,” Jacinda Ardern said.