New Zealand’s 2024 budget cuts climate initiatives, shifts focus to adaptation
According to a report from Climate Venture Capital Fund, New Zealand’s new coalition government slashed several major climate initiatives in its 2024 budget, which was released in May.
The report highlights that the New Zealand government increasingly focuses on climate adaptation rather than emission reduction. For instance, the country’s $1.2 billion Regional Infrastructure Fund will target measures to increase climate resilience, such as stopbanks.
Existing initiatives supported by the Climate Emergency Response Fund (CERF), such as public UV charging, will remain in place to reduce emissions.
However, moving forward, revenues from the Emissions Trading Scheme will be directed to the general government budget rather than specifically to the CERF. The government will no longer have a dedicated fund for climate response.
Additionally, funding for the Climate Change Commission, which guides the government in achieving legally mandated emissions targets, has been reduced.
Read more: Climate Change Commission urges government action to cut carbon credit surplus
New Zealand Green Investment Finance (GIF) remains committed to deploying $700 million as the government’s “green bank,” with these funds originating from allocations made by the previous administration.
As of June 2023, NZ GIF had already invested or committed more than 60% of its available funds, and there were no additional allocations in the 2024 Budget.
The report also adds, “New Zealand’s approach looks increasingly at odds with major trading partners like the US, China, the EU, Australia and others. Whether you call it climate investment, geo-politics or industrial policy, each of these is pushing additional public funding to accelerate decarbonisation.”
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