Ardern pays out on election deal debt

Greenhouse gas emission free farming

TVNZ reports on the latest splurge of taxpayer-funded largesse. Quote.

The Government is investing $100 million in an effort to reduce New Zealand’s greenhouse gas emissions, with the Government saying it will bring “cash and know-how to the table”. End quote.

Hopefully not the know-how of Minister for Energy, Dr Megan Woods! Quote.

Prime Minister Jacinda Ardern announced the fund, New Zealand Green Investment Finance Ltd, today, as part of the Green Party’s Confidence and Supply Agreement.

“This new investment fund is an important component of New Zealand?s plan to build a clean, sustainable, low-carbon economy that has both lower emissions and profitable enterprises,” she said.

“No one can opt out of the impacts of climate change. This fund helps business to opt in to the solution.”

Climate Change Minister James Shaw said the investment fund would be a commercially focused company “which will work to invest with business to reduce emissions while making a profit”.

He said the $100 million injection was “intended to stimulate new private sector investment in low-emissions industries; with returns over subsequent years expected to pay back the Government’s investment”. End quote.

It will be extremely interesting in the coming years to see the scale of return on this ?investment?. To date, experience worldwide with ?green investments? has been far from encouraging. Quote.

“New Zealand faces a big job in upgrading our economy and infrastructure. New Zealand Green Investment Finance will help deliver financial backing to help ensure that the upgrade is fit for purpose.” […]

?We know there are economic opportunities to being climate leaders. We don?t just see challenge. We see opportunity. This is where I think New Zealand has the potential to lead.? End quote.

Have to be the leaders, have to punch above our weight. Why?? Why not let the big boys sort out the wrinkles and make something green profitable before we jump in?

I’ll tell you why. Election bribe!

SunEdison burned no fossil fuels but rather burnt 1.5 billion of US taxpayer dollars. A few years ago, the renewable energy developer seemed to be unstoppable. SunEdison made a series of acquisitions, including the purchase of?First Wind for $2.4 billion?in 2014. The company has since had to lay off more than 1,000 workers, and its bankruptcy has left virtually?nothing for shareholders. The case is now considered one of the?biggest corporate implosions?in the renewable industry’s history.

Still, with the combined brainpower of Woods, Shaw and Ardern – what could possibly go wrong?

This list of failures up to 2012 has been quoted before on Whaleoil.? But just to refresh your memory:

The complete list of faltering or bankrupt green-energy companies:

  1. Evergreen Solar?($25 million)*
  2. SpectraWatt?($500,000)*
  3. Solyndra?($535 million)*
  4. Beacon Power?($43 million)*
  5. Nevada Geothermal?($98.5 million)
  6. SunPower?($1.2 billion)
  7. First Solar?($1.46 billion)
  8. Babcock and Brown?($178 million)
  9. EnerDel?s subsidiary Ener1?($118.5 million)*
  10. Amonix?($5.9 million)
  11. Fisker Automotive?($529 million)
  12. Abound Solar?($400 million)*
  13. A123 Systems?($279 million)*
  14. Willard and Kelsey Solar Group?($700,981)*
  15. Johnson Controls?($299 million)
  16. Brightsource?($1.6 billion)
  17. ECOtality?($126.2 million)
  18. Raser Technologies?($33 million)*
  19. Energy Conversion Devices?($13.3 million)*
  20. Mountain Plaza, Inc.?($2 million)*
  21. Olsen?s Crop Service and Olsen?s Mills Acquisition Company?($10 million)*
  22. Range Fuels?($80 million)*
  23. Thompson River Power?($6.5 million)*
  24. Stirling Energy Systems?($7 million)*
  25. Azure Dynamics?($5.4 million)*
  26. GreenVolts?($500,000)
  27. Vestas?($50 million)
  28. LG Chem?s subsidiary Compact Power?($151 million)
  29. Nordic Windpower?($16 million)*
  30. Navistar?($39 million)
  31. Satcon?($3 million)*
  32. Konarka Technologies Inc.?($20 million)*
  33. Mascoma Corp.?($100 million)

*Denotes companies that have filed for bankruptcy.