New Zealand’s governmental agency NZTE (New Zealand Trade and Enterprise) helps leverage businesses in the country to grow globally. Based on the potential, growth, & development, NZTE has listed a few sectors as their strengths.
- Food and beverage,
- Renewable energy,
- Wood processing, and
When comparing the competitiveness and opportunities of these sectors, the renewable energy sector tops the list. How promising is the renewable energy business today?
Given below are some interesting facts about the renewable energy sector in New Zealand.
10 Interesting Facts About Renewable Energy Sector in New Zealand
- As per Statistica.com, in 2020, ~81% of the electricity produced in New Zealand was from renewable sources.
- According to MBIE Energy Data Series, the net electricity produced in 2021 is 43,264 GWh. Of these 82% are renewable energy sources.
- New Zealand has set the year 2035 as its target year for achieving 100% renewable energy consumption.
- By the year 2050, New Zealand wants to become a carbon-neutral economy.
- Renewable energy sub-sectors
- The International Energy Association (IEA) claims the country has the capacity to produce 700 kt of hydrogen by the year 2030. Wherein, 60% is dedicated to domestic consumption. The remaining 40% is dedicated to exports.
- Owing to this, New Zealand stands as one of the best countries to offer trial support with minimal regulatory restrictions.
- The country has already installed grid solar power of ~160MW capacity.
- Northland, one of the high sunshine regions, is about to install three solar farms with capacities ranging from 3-23MW.
- New Zealand is the first nation in the world to produce electricity from a geothermal resource (1958).
- The world’s largest industrial geothermal producer is in New Zealand (Kawerau geothermal field).
- The Geothermal Institute, University of Auckland, serves as the world’s best research and training centre which for geothermal commercialization.
- As per the MBIE, the contribution of energy supply from renewable sources touched a 30-year high in 2022.
- The New Zealand government has released NZ $400 million as the “Green Investment Fund.”
- The New Zealand government is ready to spend NZ $27 million for a new energy development center and renewable energy investment.
- New Zealand (in 1885) was the first country to open an industrial hydroelectric power plant.
- New Zealand is one of the 11 countries that has taken the lead in renewable energy sources’ production, consumption, and transition.
All these facts prove how the people, companies, and the government of New Zealand have taken the power of renewable energy so seriously.