Wednesday, February 21, 2024

Next steps for NZ Energy Strategy revealed

The Government has published the terms of reference for its New Zealand Energy Strategy, setting out the next steps for transitioning to a high performing, low emissions future, Minister of Energy and Resources, Megan Woods said today.

“In 2020, emissions from energy made up 40% of our total gross emissions. We will need to do things differently if we are to create a sustainable energy system for generations to come,” said Minister Woods.

“The New Zealand Energy Strategy will tie together the comprehensive programme of work already underway. Today is about building on this multi-step plan with the Terms of Reference outlining further detail to explain the strategic direction of our move away from polluting and expensive fossil fuels, and preparing us for a renewable future.

“Thanks to our strong economic management and our readiness to do things differently we are well positioned to slash our energy emissions and create a sustainable energy system for generations to come. We must keep our economy secure against what the global downturn and climate change may throw at us.”

The Strategy has the following high-level objectives:

  • Energy affordability and energy equity for consumers;
  • Our energy system transitions at the pace and scale required to support a net-zero 2050;
  • Energy supply is secure and reliable, including as we adapt to the effects of climate change and in the face of global shocks;
  • Our energy system supports economic development and productivity growth aligned with the transition.

The Energy Strategy was one of the main recommendations from the Climate Change Commission’s advice Ināia tonu nei: a low emissions future for Aotearoa, and was committed to in the Government’s Emissions Reduction Plan (ERP) released in May.

It will be developed over the next two years, with the final strategy due in December 2024.

“Planning for future energy shocks and strengthening our economic position within a greening global economy, means we need a strong evidence-base and to chart the path for a future proofed energy system,” the Minister said.

“This is not a Government that sits idly by or seeks to turn back time. Today is a day for celebration as we get closer to our ambitious goals,” she said.

The Government has set a target that 50% of total energy consumption will come from renewable sources by 2035.

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