The Government has announced New Zealand’s largest single emissions reduction project, with a deal that will subsidise a new “electric arc” furnace for NZ Steel’s Glenbrook plant.
The three-way deal, between the Government, NZ Steel and Contact Energy to provide flexible and cheaper off-peak power to the steel giant, has been hailed by all three parties.
The new furnace– to which taxpayers are contributing up to $140 million through the Government Investment in Decarbonising Industry fund (GIDI), will dwarf the other Government projects.
The total cost is expected to be $300 million.
This is an enormous disruption to emissions and highlights what can be achieved when the State works with Industry to specifically reduce the very emissions that we see causing the catastrophic climate change storms that are currently battering us.
The NZ Right have been quick to claim this is taxpayers money being spent to prop up a corporation but the money is from a specific fund, the Government Investment in Decarbonising Industry fund, that is a scheme set up specifically for this exact type of adaptation!
This is the State and Industry working together, this is what regulated capitalism is supposed to look like! Pretending this is corporate welfare or ‘socialism’ only underscores how stupid the person claiming this is.
This is what we should be doing more of! The State stepping in to make big investments in decarbonising our economy.
While the Right complain, moan and drag their heels, the climate gets worse.
The only people screaming against this are climate deniers.
Increasingly having independent opinion in a mainstream media environment which mostly echo one another has become more important than ever, so if you value having an independent voice – please donate here.
If you can’t contribute but want to help, please always feel free to share our blogs on social media