WELLINGTON, Aug 8, 2023 (BSS/AFP) - New Zealand said Tuesday it is partnering with BlackRock to create a climate investment fund, aiming to speed the way to 100 percent renewable electricity by 2030. The fund is to seek NZ$2 billion (US$1.2 billion) from state entities and private-sector investors including pension funds, the government and US-based BlackRock said in separate statements. "This is the largest single-country low-carbon transition investment initiative BlackRock has created to date," BlackRock chief executive Larry Fink said in a message on social media. "It will enable New Zealand companies to access greater pools of capital to build out climate infrastructure across the country's energy system." New Zealand's transition to renewables-sourced electricity would require NZ$42 billion in investment in power generation, distribution and storage, BlackRock said.

Source: Bangladesh Sangbad Sangstha August 08, 2023 05:29 UTC