New Zealand Green Investment Finance Ltd (NZGIF) is poised to invest in large-scale emission reduction activities, enablers and technologies to support the Government’s target to reduce greenhouse gases.
The Crown-owned investment vehicle, announced in December 2018, was incorporated on 12 April. It has now completed its transition out of Treasury into a stand-alone company as it works towards its formal launch in July.
Established by the Government with initial investment capital of $100 million, NZGIF has a mandate to invest in business opportunities that accelerate domestic greenhouse gas emissions reductions, as well as provide a commercial return on the investment. In line with the longer-term nature of transitioning to a greener economy and the reduction targets proposed in the Climate Change Response Amendment Bill, NZGIF will take a long-term view on investments that deliver impact.
A key role of NZGIF will be to act as a catalyst for investment. It will seek to partner with industry, investment houses and other sources of private finance to enable the development of large-scale projects in areas such as transport, industrial process heat, the built environment and agriculture.
In June, the establishment board of Chair Cecilia Tarrant (pictured above, left) and Director David Woods will be joined by four new directors: Mark Vivian, Jacqueline Robertson, Gavin Fernandez, and Kevin Holmes.
A senior leadership team is being recruited by the inaugural Chief Executive Officer, Craig Weise (pictured above, right). Mr Weise previously held the role of Establishment Director for NZGIF at Treasury, and has more than 25 years’ experience in private capital markets, in New Zealand and the United States, in the areas of financial services, law and investment banking.
Mr Weise said NZGIF has commenced a work programme to build the organisation and advance its investment strategy, with immediate plans to engage with a range of organisations that have potential investment opportunities.
“Green investment is a wide, nascent and exciting space, but within that space our mandate is clear: to accelerate investment in lower GHG emissions activity. As a green investment bank, we will do that by working with co-investors and commercial parties to create innovative structures and solutions that facilitate additional access into this growing economic opportunity.
“In so doing, we will pursue the four objectives that support our mandate,” Mr Weise said. “We want to reduce emissions that impact climate change, partner with other funders, invest on a commercial basis and provide market leadership in this sector.”
Board of Directors
Cecilia Tarrant is a professional company director with a background in international banking and finance. Cecilia is currently the Chair of the Government Superannuation Fund Authority, a Director of Seeka and Payments NZ, a member of The University of Auckland Council and a trustee of The University of Auckland Foundation. She has an extensive background in capital markets, banking and finance.
Gavin Fernandez has a background in aircraft avionics engineering with an international senior management career, most recently as General Manager of Swire Sustainable Development for the Swire Group where he led a global initiative for the Swire Group to acquire sustainable energy, fuel and other companies that neutralise CO2emissions. He drove sustainability in his previous roles as Head of Fuel Purchasing for Cathay Pacific Airways and as Vice President at Anchorage Fuel Service Company Ltd, and. Mr Fernandez is currently a trustee at The Ākina Foundation, and a director of Impact Enterprise Fund. He brings skills in investment, start up, business sustainability and technical analysis of business propositions.
Kevin Holmes is a chartered accountant with an extensive international career in finance and business management. Most recently, he was the inaugural Chief Governance and Strategy Officer at the Clean Energy Finance Corporation, Australia’s government-owned green investment bank. Mr Holmes has served on numerous boards, including GreenSync Holdings Pty Ltd, Western Wind Energy, as an executive director at Energy Australia, a director of Roaring 40’s Wind Energy and Pacific Hydro’s international subsidiaries. Mr Holmes also held a range of senior financial management positions, including at British Gas, BHP Petroleum and BHP Transport. He has significant business transformation experience and brings skills in accounting, direct investment, start-ups, decarbonisation strategies, risk management, social impact investment, organisational management, as well as relevant skills in the establishment of a green investment bank. Mr Holmes is a graduate member of the Australian institute of Company Directors.
Jacqueline Robertson has 25 years of experience in financial audit and advisory services. Jacqueline was an audit and assurance partner at Deloitte for 11 years and also led the Corporate Responsibility and Sustainability services function for Deloitte New Zealand for nine years. Based in Wellington, Jacqueline also has a broad range of experience across the financial services, public, private and not-for-profit sectors. Jacqueline is currently a Director of Stride Property Group, board member of the External Reporting Board, and a member of the Audit Oversight Committee of the Financial Markets Authority and the Risk and Assurance Committee for the Ministry of Business, Innovation and Employment.
Mark Vivian is a Partner at Movac, an early stage tech investor and venture capital firm where he has worked for the past 10 years in teams that have created investment mandates and deployed funds in accordance with those mandates. Mr Vivian has primary responsibility for fundraising, deal origination, investor relations and talent management. He is currently a Director of Mobi2Go, 1Above, and the Rugby Site, an advisory board member of Frank TKH and TourWriter and a member of the Young Enterprise Trust’s Supporters Council. Mr Vivianhas strong skills in direct investment and fund management, start-ups, establishment and governance.
David Woods has had an international senior banking career in Europe, mainly with ABN AMRO spanning 1998 to 2008. Most recently, he has been Managing Director of Oikocredit International, a large social finance/impact investing organisation, which promotes agriculture and renewable energy in the developing world and was the previous Chair of Impact Enterprise Fund.
Chief Executive Officer
Craig Weise most recently held a number of multi-faceted executive roles for the Treasury, managing teams focused on investment stewardship, commercial and investment performance monitoring, and shareholder representation across the New Zealand government’s direct investment and managed portfolios, representing over $100b in assets.
Immediately prior to his time at Treasury, Craig was a principal at Armillary Private Capital, ultimately active as its Managing Director, Investment Banking.
Craig holds an Honours Degree in Economics from Randolph-Macon College and a Juris Doctorate from the University of Virginia. He is also a Chartered Alternative Investment Analyst, a Certified Investment Fund Director and a member of the New Zealand Institute of Directors.
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