New fund launched to reduce carbon emissions from coal and gas

The Labour Government is quickly delivering a key election policy that will help business to switch from fossil fuels like coal and gas to clean energy for process heat while accelerating the economic recovery from Covid.

The $70 million fund will allow business and industries to access financial support to switch away from boilers run on coal and gas, to cleaner electricity and biomass options.

“Reducing greenhouse gas emissions from process heat is win-win for our climate and our recovery,” Prime Minister Jacinda Ardern said.

“The $70 million fund will create jobs and stimulate the economy while demonstrating our commitment to future-proofing our recovery."

“It provides much needed financial support to business to assist with the often costly transition of plant and equipment to clean energy sources."

“The Interim Climate Change Commission recommended a focus on lowering emissions from process heat as a priority for decarbonising our economy."

The first funding round is open now, with a deadline for proposals of December 14.

Decisions on the first round will be made early in the New Year.

Information on the GIDI Fund is available here