On the news of the Government’s decision to wind down the New Zealand Green Investment Finance Ltd (NZGIF), which has cost taxpayers $400 million.

Taxpayers’ Union Spokesman James Ross said:

“Credit where it’s due, scrapping this expensive and ineffective green slush fund is a huge win for taxpayers.”

“NZGIF’s biggest achievement was torching $115 million on a loan to Solar Zero, a company backed by BlackRock which still managed to go under. You couldn’t make it up.”

“Subsidising businesses to reduce emissions under a capped Emissions Trading Scheme was - and is - economically illiterate. It doesn’t cut emissions. it just bungs money straight into the compost heap.”

“Budget 2024 handed out $280 million in green corporate welfare. Scrapping NZGIF is a start, but Budget 2025 must finish the job. That means axing the Energy Efficiency and Conservation Authority’s (EECA) fuel switching schemes, clean heavy vehicle grants, and every last dollar of green pork. Climate policy should cut emissions — not write blank cheques to corporate cronies.”

NOTES:

The New Zealand Taxpayers’ Union is an independent and membership-driven activist group, dedicated to being the voice for Kiwi taxpayers in the corridors of power. Its mission, lower taxes, less waste, more accountability, is supported by 200,000 subscribed members and supporters.

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