NZGIF is pleased to announce it has joined the Green Bank Network, a global membership organisation connecting leaders in clean energy finance, sharing best practices and supporting investment in clean energy solutions.
In a unanimous approval decision, the Green Bank Network members praised NZGIF’s clear mission and mandate and innovative approach to investment evident in its example transactions to date.
NZGIF Chief Executive Craig Weise said, “after more than a year working with Green Bank Network colleagues through our establishment and first investments, we look forward to now sharing knowledge and lessons learned about green investment in New Zealand with our fellow green banks internationally, and to learn from our peers. We are proud to represent New Zealand on a global scale.”
Green banks facilitate public and private investment into domestic low carbon, climate-resilient infrastructure.
The Green Bank Network was formed to foster collaboration and knowledge exchange among existing green banks, enabling them to share best practices and lessons learned. NZGIF joins nine green investment banks from around the world in the network, including Australia, the US, Japan and Malaysia.
In evaluating new members, the Green Bank Network considers how closely prospective organisations align with its criteria, including the following:
having a mandate and mission that demonstrates high commitment to green investment and crowding in private finance
a clear governance structure and strong management team
commitment to investing with commercial rigour
commitment to measuring and publicly reporting on financial and environmental performance metrics
having capitalisation in place and transactions completed.
Globally, much of low carbon investment capital is flowing towards large scale renewable energy generation, but with New Zealand’s highly renewable electricity system generating only around 4% of New Zealand’s total emissions, the challenge for NZGIF is to find world-leading and innovative projects in transport, process heat, energy efficiency and agriculture. And, while it won’t invest in large scale renewable projects, it is seeking out distributed energy projects that will generate a good commercial return.
Rob Youngs, Green Bank Network Director of International Green Bank Development, concluded, “Our network is made up of Green Banks with diverse rationales and goals, including meeting ambitious emissions targets, mobilising private capital, and developing markets. New Zealand joins an illustrious group of green banks around the world, and as we welcome New Zealand Green Investment Finance to the network, we look forward to seeing what they can achieve in supporting New Zealand’s low carbon future”.
Read more about New Zealand Green Investment Finance on the Green Bank Network website here.
For more information, contact:
Jenny Lackey | Communications | New Zealand Green Investment Finance
Mobile: 021 340 847