New Zealand is partnering with BlackRock in aim to reach 100% renewable electricity

abcnews.go.com:

New Zealand’s government says it will partner with U.S. investment giant BlackRock as it aims to become one of the first nations in the world to have its electricity grid run entirely from renewable energy

WELLINGTON, New Zealand — New Zealand's government said Tuesday it will partner with U.S. investment giant BlackRock in its aim to become one of the first nations in the world to have its electricity grid run entirely from renewable energy.

The government said it was helping BlackRock launch a $1.2 billion fund to ramp up investments in wind and solar generation, as well as battery storage and green hydrogen. Some of the investment is expected to come from government-owned companies.

New Zealand's electricity grid already runs off about 82% renewable energy after it damned rivers decades ago to produce hydroelectric power. The government said it aims to reach 100% renewable generation by the end of this decade.

The announcement comes two months out from an election, with the government hoping to burnish its green credentials. Critics point out the nation’s overall greenhouse gas emissions have barely budged since the government symbolically declared a climate emergency in 2020.

“This is a gamechanger for the clean-tech sector, and an example of the pragmatic and practical steps the government's taking to accelerate climate action while actually growing our economy and creating jobs,” Prime Minister Chris Hipkins told reporters in Auckland.

Hipkins said the fund would allow New Zealand companies to produce intellectual property that could be commercialized across the world.

“Partnering with, and supporting, industry to solve the climate crisis is a no-brainer,” Hipkins said.

BlackRock released few details about the