Cabinet paper

Cabinet paper DEV-18-SUB-0257: Establishing New Zealand Green Investment Finance Limited

Publication type:
Cabinet paper
Status:
Current
Document (signed) date:
Issue date:
Version note:

Cabinet paper dated 1 November 2018. Some information has been withheld.

Corporate author:
Office of the Associate Minister of Finance
Viewpoint:
Government
Publication category:
Official information
Copyright:
© Crown Copyright, Attribution 4.0 International (CC BY 4.0)
Ministerial portfolio:
Finance
Fiscal year:
2018/19
Last updated:
Formats and related files

Excerpt from PDF (proposal and executive summary):

Proposal#

  1. This paper seeks approval to establish a new institution, New Zealand Green Investment Finance Limited (GIF”), and to define its mission, objectives, scope and institutional form.

Executive summary#

  1. Under the Confidence and Supply Agreement between the Labour Party and the Green Party the Government agreed to support the introduction of a fund focussed on low emissions investment.
  2. Having completed the policy development process, I now propose that the GIF be established with a mission to accelerate domestic, low emissions investment.
  3. In order to achieve its mission I propose that the GIF has four objectives that together underpin the core of the GIF's mandate. These objectives are to: make investments that lower domestic emissions; crowd-in private finance; make investments on a commercial basis; and undertake a market leadership and demonstration role.
  4. To best fulfil these objectives, I propose that the GIF is established as a new company listed in Schedule 4A of the Public Finance Act 1989 and that the Minister of Finance and Minister for Climate Change become its Shareholding Ministers.
  5. [Redaction number 1] However, I propose that the GIF be established now and that alongside this Treasury officials, in consultation with other relevant departments, report back to Shareholding Ministers on whether and how the GIF should have its own legislation. Shareholding Ministers will report back to Cabinet as necessary.