Hon Nicola Willis
Minister of Finance
Hon Simon Watts
Minister of Climate Change

Finance Minister Nicola Willis and Climate Change Minister Simon Watts have today met in Brisbane with their Australian counterparts, Treasurer Jim Chalmers and Climate and Energy Minister Chris Bowen.

Ministers discussed joint action to meet our climate commitments, climate resilience in the Pacific region, how investment and finance can be mobilised for climate change action, and how we can improve our preparation and response to future severe weather events.

“In the lead up to COP29 where the New Collective Quantified Goal on climate finance will be decided, we will continue to participate in negotiations on how finance can support global climate action,” Mr Watts says.

Ministers agreed to a joint statement, outlining their plans for greater bilateral collaboration. These include:

• Conducting a joint regulatory barrier review, initially focusing on batteries and electric vehicle charging
• Convening roundtables with the maritime sector to identify the conditions required for green shipping routes between countries
• Inviting New Zealand aviation companies and representatives to join the Jet Zero Council, and investigating the conditions required to develop a regional sustainable aviation fuel industry.
• Engaging collaboratively in the development of a Guarantee of Origin scheme for green hydrogen, sustainable fuels, and green metals
• Coordinating approaches to sustainable finance, starting with the development of a taxonomy rulebook
• Exploring alignment on wider sustainable finance policy and legislation
• New Zealand joining Australia in the Climate Club to support industry decarbonisation on both sides of the Tasman.
• Further deepening collaboration to deliver outcomes under the Paris Agreement
• Investing in long-term emissions reduction opportunities for the agricultural sector.

“Unlocking investment to reduce and remove emissions from the atmosphere is key to helping us meet our climate change targets,” Ms Willis says.

“Today, we have confirmed the development of New Zealand’s sustainable investment model, or taxonomy, will begin with the agriculture and forestry sectors.

“This is a great opportunity to showcase the efforts of our domestic farmers and foresters as well as giving international investors’ confidence their money will have a positive impact for the climate and the economy.

“We will also begin work to develop a sustainable finance strategy for New Zealand. Enhancing cooperation with Australia on this work, as well as the other initiatives discussed today, will help position the region as a robust sustainable finance market.”

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