EECA (the Energy Efficiency and Conservation Authority) has commenced a private finance pilot with participating financial providers to help unlock the finance required for valuable decarbonisation projects to move forward.
Purpose Capital has been selected to participate in the Government Investment in Decarbonising Industry (GIDI) Fund Private Finance Pilot.
About the Government Investment in Decarbonising Industry (GIDI) Fund
New Zealand’s Emissions Reduction Plan (May 2022) sets out the pathway for how New Zealand will meet its first emissions budgets (2022-2035) and achieve long-term climate targets.
To help meet this challenge, the Government has announced expanded funding of around $650 million for the GIDI Fund, coming from the Climate Emergency Response Fund (CERF).
Read the full announcement by Minister of Energy and Resources, Dr Megan Woods, here: Supercharging decarbonisation & transforming the energy system | Beehive.govt.nz
Government co-funding for the decarbonisation of industrial process heat is a catalyst to assist the transition for New Zealand businesses away from fossil fuels. Government co-investment through the GIDI Fund will help businesses bridge the gap and switch to clean energy and clever technologies.
GIDI is a partnership between business and government and the core purpose of GIDI is to accelerate business towards a low-emissions future.
For more on the GIDI Fund, visit the GIDI Fund Website
About the GIDI Private Finance Pilot
EECA has commenced a private finance pilot with participating financial providers to help unlock the finance required for valuable decarbonisation projects to move forward.
The significant amount of private investment required to decarbonise business means access to private finance is a crucial part of the transition by businesses to a low emissions future.
The pilot is about making green finance information and opportunities more visible and available, and connecting potential applicants with people who can help with financing needs.
The pilot involves financiers with sustainable financing credentials – that are in a position to provide investment specifically to GIDI Fund applicants, as part of their broader sustainability focused offering.
The pilot objectives are
- Increase awareness of the GIDI funding available to businesses to help achieve New Zealand’s decarbonisation targets
- Help make sure GIDI applicants are aware of finance providers that are available, and have expertise, to help New Zealand businesses decarbonise, and
- Continue to mobilise sustainable finance offerings in the finance sector
Government support in the form of the GIDI Fund, is in recognition of the public good – both for current and future generations. Acting now is critical to mitigating the effects of climate change.
Joint problems require joint solutions, and the pilot is a great example of that.
About the Purpose Capital Offering for GIDI Fund Applicants
Purpose Capital is an impact investment fund whose mission is to drive social and environmental change.
Your feedback and responses to this post can contribute to that discourse and we encourage you to get in touch.
If you have an investable opportunity that will create systemic change and deliver intentional social and/or environmental impact click the button below to get in touch
Alternatively, if you’re an investor you can register your interest in co-investing with us and investing in our second Fund below.