Minister for Energy and Resources Dr Megan Woods has today announced that the Government Investment in Decarbonising Industry (GIDI) fund will be extended and expanded with an additional $650 million over four years, which means EECA can expand the number and type of projects that receive money, including high impact decarbonisation projects of national significance.
Dr Woods said, “There will also be targeted investment at a regional level for projects that optimise low emission fuel use, funding for electricity transmission and distribution infrastructure upgrades to support fuel-switching, and the early adoption of high decarbonisation energy technologies. It’s a huge win for our businesses who are looking at innovation to stay ahead of the curve.
“The original $69 million GIDI fund has been a huge success having helped fund 53 major industrial decarbonisation projects – all contracted for completion by April 2024 and over their lifetime are estimated to save 7.46 million tonnes of CO2, equivalent to taking 134,800 cars off the road.”
Read the full press release below:
Supercharging decarbonisation & transforming the energy system | Beehive.govt.nz(external link)