Sunday, May 19, 2024

Govt partnership to reduce agricultural emissions

The Government has linked up with three companies to commit an additional $18 million towards AgriZeroNZ to boost New Zealand’s efforts to reduce agricultural emissions.

Agriculture Minister, Todd McClay says the strength of the New Zealand economy relies on achieving effective and affordable emission reduction solutions for New Zealand.

“The AgriZeroNZ public-private joint venture is accelerating the development, commercialisation and adoption of practical tools and solutions for our farmers to meet our international climate change obligations,” said Mr McClay.

“I am pleased to welcome The a2 Milk Company, ANZ Bank New Zealand, and ASB Bank as new shareholders of AgriZeroNZ.”

Collectively they companies will contribute $9 million over three years, matched by the Government, to help drive product development and commercialisation of new tools and technologies to reduce on-farm emissions.

“These new shareholders join the founding shareholders of ANZCO, Fonterra, Rabobank, Ravensdown, Silver Fern Farms and Synlait, alongside the Crown,” the Minister said.

“This will take the overall investment in AgriZeroNZ to $183 million over the joint venture’s first four years. Fifty percent of this funding is Crown investment.”

Minister McClay said investment from the new shareholders shows the increasing commitment of New Zealand businesses to help get emission reduction tools into the hands of farmers sooner.

“With the backing of both Government and private sector companies, New Zealand will be a global leader in developing the tools, technologies, and practices to drive down agricultural emissions while maintaining the productivity and profitability of our food and fibre sector.”

“Meeting our climate change obligations and encouraging a booming agricultural sector are not mutually exclusive. Collaborations such as AgriZeroNZ will ensure that New Zealand’s economy and climate are well served,” he said.

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