The New Zealand government and four additional companies are investing an extra $18 million in AgriZeroNZ to support the country’s efforts in lowering agricultural emissions. Agriculture Minister Todd McClay stated that a strong economy in New Zealand depends on effective and affordable solutions for reducing emissions.
AgriZeroNZ is a public-private partnership that aims to speed up the creation and adoption of practical tools for farmers to meet international climate change obligations. The a2 Milk Company, ANZ Bank New Zealand, and ASB Bank have joined as new shareholders of AgriZeroNZ, contributing $9 million over three years. This funding will be matched by the government to help develop and commercialize new tools and technologies for reducing farm emissions.
These new shareholders join the original shareholders, which include ANZCO, Fonterra, Rabobank, Ravensdown, Silver Fern Farms, and Synlait, along with the Crown. This takes the total investment in AgriZeroNZ to $183 million over the first four years of the partnership, with half of this funding coming from the Crown.
McClay stated that the investment from the new shareholders demonstrates the growing commitment of New Zealand businesses to help provide farmers with emission reduction tools more quickly. He believes that with the support of both the government and private sector companies, New Zealand can be a global leader in developing tools and practices to reduce agricultural emissions while maintaining the productivity and profitability of its food and fiber sector.
AgriZeroNZ is a joint venture under the Centre for Climate Action on Agricultural Emissions. The Centre aims to drive the development and commercialization of tools that can be used on farms and includes an enhanced New Zealand Agricultural Greenhouse Gas Research Centre focused on fundamental research and emissions reduction research and development.
The Crown owns a single 50% block of AgriZeroNZ shares, held jointly by the Ministers of Finance and Agriculture. AgriZeroNZ was established as a limited liability company on January 17, 2023, with shareholding proportional to partners’ total contributions over the four years. The Crown had previously committed to match additional investment up to $50 million per year. With the new shareholders, industry commitments plus the Crown contribution will see $183 million invested over the first four years of the joint venture.
