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New Zealand Green Party Eyes Investment Bank for Energy Projects

March 29 (Bloomberg) -- New Zealand’s Green Party is working on plans for an investment bank that would provide capital for new energy projects, co-leader Russel Norman says.

The idea is modeled on the U.K. Green Investment Bank and Australia’s Clean Energy Finance Corp., Norman said in an interview on TV3’s The Nation today. The Greens will push for the proposal after the Sept. 20 election if they are in a position to form a government in conjunction with the Labour Party, he said.

“That kind of idea is critical to the development of a smarter, green economy,” Norman said. “You have an independent board so the government can’t meddle, and they’ve got to make a return on their investment. Its not a subsidy.”

To contact the editor responsible for this story: Tracy Withers at twithers@bloomberg.net

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