A Green Investment Bank for a green economy

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Yesterday Dr. Russel Norman launched the Green Party’s Green Investment Bank proposal designed to accelerate investment in the green economy.

In a nutshell the Green Investment Bank will be a government-owned, for-profit bank. It will partner with the private sector to fund new projects ranging from renewable energy and biofuel production to new clean technologies. You can read the policy here.

I think this could be a game changer for the New Zealand economy. National’s economic ‘vision’ is simply cramming more cows on paddocks ruining our rivers, more coal and emissions, more pokies, more motorways and hoping for more oil. In other words – simply more of last century’s old economy. The Budget on Thursday will demonstrate surplus of inequality, a surplus of carbon emissions and a surplus of ‘deals for National’s mates.’ The Green vision is to orient our economy to the future and global trends and investment patterns building a richer future for us and our kids. The world is crying out for clean energy solutions and as Pure Advantage point out there is a $6 trillion green tech sector we could get a slice of but look like we are missing out on under National. There is a limit to how much milk powder and raw logs we can export but there’s almost no limit to the clean energy services, technology and intellectual property we could be exporting, leading Pricewaterhouse Coopers to identify it as a potential $7-$22 billion annual opportunity.

The lack of Government leadership to transition to the smart green economy is one barrier, access to finance is another. The Green Bank will specialise in financing new, currently unfunded opportunities in the green economy. This package is about supporting Kiwi companies and the New Zealand economy whereas National seems more interested in supporting the Rio Tintos, the Trans-Tasman Resources and the Anadarakos with taxpayer funds. This concept has been successfully used in Europe, the US, Japan, and Australia amongst other countries.

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Like Kiwibank, the Green Investment Bank could be an important, enduring institution driving good change. What do you think of this policy?

4 COMMENTS

  1. Let’s be absolutely clear, they are not the National Party they are the Transnational Party.

    How about a Green Bank that issued a new currency that wasn’t debt-based and didn’t ultimately enrich the current bankster cabal. While I agree that NZ needs to carve out a clean-tech future, can we do it with clean money that doesn’t come attached with an endemic growth burden? Yes – that would be a tough sell (funny money – yadda yadda) but that’s where real change begins.

  2. It what we need the only way to get something started that will help this country is if you already have money. We are trying to start manufacturing natural diesel that could save this country millions of dollars once others follow the plan. We have done the research, have the plant designed that will produce 150 litres of diesel per hour so that it can be run and not need a large area to supply the bio mass. This is unlike the huge plants in the USA failing due to their size and requirement of millions of tons of bio mass per year. This plant can be run on a crop from 210 hectares produce 1.3 million litres of clean diesel at 65cents per litre and is carbon negative. But try and find the finance to build in this country and be told you need to put up 25% of the $4 million needed. Well only the rich can do that and they get rich by selling the poor diesel at $1.50

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