We Need to Talk About Blackrock
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9:08 am, August 9th, 2023 - 29 comments
Categories: climate change, Economy, energy, Environment -
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It will take a whole lot of money to get to 100% renewable energy in New Zealand, but is Blackrock the right way to get there?
On the one hand …
Ernest Rutherford almost said “We haven’t got the money, so we’ll have to think.” He didn’t say “…so we’ll have to hire Blackrock.” But that was when we thought independently. We appear to have cut out the thinking part and actually for a country not endowed with thinkers or intellectual contest that’s quite lovely. Relax, everything is done for you: here’s the announcement. Be honest it’s just easier to just have all the hard work of thinking taken over by someone else.
Our big Gentailers are already investing massively in wind energy. Our public sector fund managers in NZSuperFund are already partnering with European expert energy fund managers on massive offshore wind. Smaller local entities like Nova are really getting into solar investment. Isn’t the market doing a reasonable job already? Nothing wrong with a bit more market if that’s the case.
The larger point is to quote Richard III, ‘we are so far in that sin must pluck on sin’, meaning: private capital has been by necessity propping us up for a while so we had better get used to it. The classic cases being the two big PPP highways of Transmission Gully and Puhoi-Wellsford which have a mix of local and international funders, and local and international constructors, to take the debt servicing load.
We have been since National part-privatised our electricity companies already deploying private capital to make huge wind farms and geothermal plants and solar arrays, often in partnership with local iwi entities or companies. You’re soaking in it.
Maybe our ambition towards the next step in necessary infrastructure in energy means facing that we can’t afford it. If we really are going to shift to 100% Zero Combustion engine and 100% renewable generation, we just don’t have th money here to pay for it, let alone much incentive. Small relatively weak states with weak savings are simply like the Bennets sisters of Jane Austen and frankly have to marry up, or be more and more reliant on charity to exist. Jane Austen died young and pretty much broke and lonely.
On the other hand…
We should prefer local capital over international capital because then wealth gained gets to circulate here not back to foreign hands. Does government actively weight its investment decisions to secure local funders first over international ones? It certainly does require locals in all sorts of other projects and services. Just check out Amotai.
Was it really necessary, when it’s only $2 billion, to pull in Blackrock? Sure everyone’s got to make money, but did we really have to choose one of the largest and most rapacious fund managers in existence?
Proposing to bring in external funders did not work well for Labour in 2018 for light rail. It was in fact a complete disaster. Can we show we’ve learned?
How come New Zealand got to build an entire electricity generating system that lasted for 70 years without much private capital from one massive dam to geothermal and all those pylons and substations and network systems without Blackrock? Is this moment so special that the private sector is inherently superior to the public sector funders and implementers?
Also, the government would be able to afford to do more of its own investment rather than pull in private capital if it actually taxed capital. Government showed through the unplanned COVID response that it was quite happy to go large on public debt funded by future taxes. So go tax more. A political choice to consistently prefer external private funders and hence part owners over changing or increasing the tax base is a political choice that ought to be put to us as a public. Like in an election.
We ought to be allowed the debate at least, before the rest of what we have is privatised.
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- Oranga Tamariki cuts commit tamariki to state abuseTe Pāti Māori is disgusted at the confirmation that hundreds are set to lose their jobs at Oranga Tamariki, and the disestablishment of the Treaty Response Unit. “This act of absolute carelessness and out of touch decision making is committing tamariki to state abuse.” Said Te Pāti Māori Oranga Tamariki ...2 weeks ago
- Release: Quick, submit – stop Govt’s dodgy approvals billThe Government is trying to bring in a law that will allow Ministers to cut corners and kill off native species, Labour environment spokesperson Rachel Brooking said. ...2 weeks ago
- Government throws coal on the climate crisis fireThe Government’s policy announced today to ease consenting for coal mining will have a lasting impact across generations. ...2 weeks ago
- Release: Public transport costs to double as National looks at unaffordable roading project insteadCancelling urgently needed new Cook Strait ferries and hiking the cost of public transport for many Kiwis so that National can announce the prospect of another tunnel for Wellington is not making good choices, Labour Transport Spokesperson Tangi Utikere said. ...2 weeks ago
- Release: Cost of living in Auckland still not a priorityA laundry list of additional costs for Tāmaki Makarau Auckland shows the Minister for the city is not delivering for the people who live there, says Labour Auckland Issues spokesperson Shanan Halbert. ...2 weeks ago
- Te Pāti Māori to visit Queensland to strengthen ties with Māori in AustraliaTe Pāti Māori co-leader Rawiri Waititi, and Mema Paremata mō Tāmaki-Makaurau, Takutai Tarsh Kemp, will travel to the Gold Coast to strengthen ties with Māori in Australia next week (15-21 April). The visit, in the lead-up to the 9th Australian National Kapa haka Festival, will be an opportunity for both ...2 weeks ago
- Greens look to fast-track submissions on harmful lawThe Green Party has today launched a step-by-step guide to help New Zealanders make their voice heard on the Government’s democracy dodging and anti-environment fast track legislation. ...2 weeks ago
- Release: Govt should stop making people’s lives harder and build more homesThe National Government’s proposed changes to the Residential Tenancies Act will mean tenants can be turfed from their homes by landlords with little notice, Labour housing spokesperson Kieran McAnulty said. ...2 weeks ago
- Release: Melissa Lee missing in action on mediaThe action Melissa Lee promised to protect democracy and the media sector is missing, Media and Communications spokesperson Willie Jackson said. ...2 weeks ago
- Landlord Government leaves little hope for rentersThe Government’s announcement on tenancy rules prove that it does not care about renters. ...2 weeks ago
- Opportunity to build a more sustainable economyGreen Party co-leader Marama Davidson is calling on all parties to support a common-sense change that’s great for the planet and great for consumers after her member’s bill was drawn from the ballot today. ...2 weeks ago
- Significant step forward in fixing cruel and unjust pastA significant milestone has been reached in the fight to strike an anti-Pasifika and unfair law from the country’s books after Teanau Tuiono’s members’ bill passed its first reading. ...3 weeks ago
- Missed opportunity but NZ will surely one day recognise the right to a sustainable environmentNew Zealand has today missed the opportunity to uphold the right to a clean, healthy, and sustainable environment, says James Shaw after his member’s bill was voted down in its first reading. ...3 weeks ago
- Release: Don’t cut our lunches – clear message sent to GovernmentTens of thousands of people are demanding the Government commits to fully funding free and healthy school lunches. ...3 weeks ago
- Release: Govt makes U-turn on Suicide Prevention OfficeLabour welcomes the Government’s U-turn on the closure of the Suicide Prevention Office, says Labour Mental Health spokesperson Ingrid Leary. ...3 weeks ago
- Pharmac Chair appointed
Hon Paula Bennett has been appointed as member and chair of the Pharmac board, Associate Health Minister David Seymour announced today. "Pharmac is a critical part of New Zealand's health system and plays a significant role in ensuring that Kiwis have the best possible access to medicines,” says Mr Seymour. ...15 hours ago - Taking action on Fetal Alcohol Spectrum DisorderHundreds of New Zealand families affected by Fetal Alcohol Spectrum Disorder (FASD) will benefit from a new Government focus on prevention and treatment, says Health Minister Dr Shane Reti. “We know FASD is a leading cause of preventable intellectual and neurodevelopmental disability in New Zealand,” Dr Reti says. “Every day, ...2 days ago
- New sports complex opens in KaikoheRegional Development Minister Shane Jones today attended the official opening of Kaikohe’s new $14.7 million sports complex. “The completion of the Kaikohe Multi Sports Complex is a fantastic achievement for the Far North,” Mr Jones says. “This facility not only fulfils a long-held dream for local athletes, but also creates ...2 days ago
- Diplomacy needed more than everForeign Minister Winston Peters’ engagements in Türkiye this week underlined the importance of diplomacy to meet growing global challenges. “Returning to the Gallipoli Peninsula to represent New Zealand at Anzac commemorations was a sombre reminder of the critical importance of diplomacy for de-escalating conflicts and easing tensions,” Mr Peters ...2 days ago
- Anzac Commemorative Address, Buttes New British Cemetery BelgiumAmbassador Millar, Burgemeester, Vandepitte, Excellencies, military representatives, distinguished guests, ladies and gentlemen – good morning and welcome to this sacred Anzac Day dawn service. It is an honour to be here on behalf of the Government and people of New Zealand at Buttes New British Cemetery, Polygon Wood – a deeply ...2 days ago
- Anzac Commemorative Address – NZ National Service, Chunuk BairDistinguished guests - It is an honour to return once again to this site which, as the resting place for so many of our war-dead, has become a sacred place for generations of New Zealanders. Our presence here and at the other special spaces of Gallipoli is made ...3 days ago
- Anzac Commemorative Address – Dawn Service, Gallipoli, TürkiyeMai ia tawhiti pamamao, te moana nui a Kiwa, kua tae whakaiti mai matou, ki to koutou papa whenua. No koutou te tapuwae, no matou te tapuwae, kua honoa pumautia. Ko nga toa kua hinga nei, o te Waipounamu, o te Ika a Maui, he okioki tahi me o ...3 days ago
- PM announces changes to portfoliosPaul Goldsmith will take on responsibility for the Media and Communications portfolio, while Louise Upston will pick up the Disability Issues portfolio, Prime Minister Christopher Luxon announced today. “Our Government is relentlessly focused on getting New Zealand back on track. As issues change in prominence, I plan to adjust Ministerial ...4 days ago
- New catch limits for unique fishery areasRecreational catch limits will be reduced in areas of Fiordland and the Chatham Islands to help keep those fisheries healthy and sustainable, Oceans and Fisheries Minister Shane Jones says. The lower recreational daily catch limits for a range of finfish and shellfish species caught in the Fiordland Marine Area and ...5 days ago
- Minister welcomes hydrogen milestoneEnergy Minister Simeon Brown has welcomed an important milestone in New Zealand’s hydrogen future, with the opening of the country’s first network of hydrogen refuelling stations in Wiri. “I want to congratulate the team at Hiringa Energy and its partners K one W one (K1W1), Mitsui & Co New Zealand ...5 days ago
- Urgent changes to system through first RMA Amendment BillThe coalition Government is delivering on its commitment to improve resource management laws and give greater certainty to consent applicants, with a Bill to amend the Resource Management Act (RMA) expected to be introduced to Parliament next month. RMA Reform Minister Chris Bishop has today outlined the first RMA Amendment ...6 days ago
- Overseas decommissioning models consideredOverseas models for regulating the oil and gas sector, including their decommissioning regimes, are being carefully scrutinised as a potential template for New Zealand’s own sector, Resources Minister Shane Jones says. The Coalition Government is focused on rebuilding investor confidence in New Zealand’s energy sector as it looks to strengthen ...6 days ago
- Release of North Island Severe Weather Event InquiryEmergency Management and Recovery Minister Mark Mitchell has today released the Report of the Government Inquiry into the response to the North Island Severe Weather Events. “The report shows that New Zealand’s emergency management system is not fit-for-purpose and there are some significant gaps we need to address,” Mr Mitchell ...6 days ago
- Justice Minister to attend Human Rights CouncilJustice Minister Paul Goldsmith is today travelling to Europe where he’ll update the United Nations Human Rights Council on the Government’s work to restore law and order. “Attending the Universal Periodic Review in Geneva provides us with an opportunity to present New Zealand’s human rights progress, priorities, and challenges, while ...6 days ago
- Patterson reopens world’s largest wool scouring facilityAssociate Agriculture Minister, Mark Patterson, formally reopened the world’s largest wool processing facility today in Awatoto, Napier, following a $50 million rebuild and refurbishment project. “The reopening of this facility will significantly lift the economic opportunities available to New Zealand’s wool sector, which already accounts for 20 per cent of ...6 days ago
- Speech to the Southland Otago Regional Engineering Collective Summit, 18 April 2024Hon Andrew Bayly, Minister for Small Business and Manufacturing At the Southland Otago Regional Engineering Collective (SOREC) Summit, 18 April, Dunedin Ngā mihi nui, Ko Andrew Bayly aho, Ko Whanganui aho Good Afternoon and thank you for inviting me to open your summit today. I am delighted ...6 days ago
- Government to introduce revised Three Strikes lawThe Government is delivering on its commitment to bring back the Three Strikes legislation, Associate Justice Minister Nicole McKee announced today. “Our Government is committed to restoring law and order and enforcing appropriate consequences on criminals. We are making it clear that repeat serious violent or sexual offending is not ...6 days ago
- New diplomatic appointmentsForeign Minister Winston Peters has today announced four new diplomatic appointments for New Zealand’s overseas missions. “Our diplomats have a vital role in maintaining and protecting New Zealand’s interests around the world,” Mr Peters says. “I am pleased to announce the appointment of these senior diplomats from the ...6 days ago
- Humanitarian support for Ethiopia and SomaliaNew Zealand is contributing NZ$7 million to support communities affected by severe food insecurity and other urgent humanitarian needs in Ethiopia and Somalia, Foreign Minister Rt Hon Winston Peters announced today. “Over 21 million people are in need of humanitarian assistance across Ethiopia, with a further 6.9 million people ...6 days ago
- Arts Minister congratulates Mataaho CollectiveMinister for Arts, Culture and Heritage Paul Goldsmith is congratulating Mataaho Collective for winning the Golden Lion for best participant in the main exhibition at the Venice Biennale. "Congratulations to the Mataaho Collective for winning one of the world's most prestigious art prizes at the Venice Biennale. “It is good ...1 week ago
- Supporting better financial outcomes for KiwisThe Government is reforming financial services to improve access to home loans and other lending, and strengthen customer protections, Commerce and Consumer Affairs Minister Andrew Bayly and Housing Minister Chris Bishop announced today. “Our coalition Government is committed to rebuilding the economy and making life simpler by cutting red tape. We are ...1 week ago
- Trade relationship with China remains strong“China remains a strong commercial opportunity for Kiwi exporters as Chinese businesses and consumers continue to value our high-quality safe produce,” Trade and Agriculture Minister Todd McClay says. Mr McClay has returned to New Zealand following visits to Beijing, Harbin and Shanghai where he met ministers, governors and mayors and engaged in trade and agricultural events with the New ...1 week ago
- PM’s South East Asia mission does the businessPrime Minister Christopher Luxon has completed a successful trip to Singapore, Thailand and the Philippines, deepening relationships and capitalising on opportunities. Mr Luxon was accompanied by a business delegation and says the choice of countries represents the priority the New Zealand Government places on South East Asia, and our relationships in ...1 week ago
- $41m to support clean energy in South East AsiaNew Zealand is demonstrating its commitment to reducing global greenhouse emissions, and supporting clean energy transition in South East Asia, through a contribution of NZ$41 million (US$25 million) in climate finance to the Asian Development Bank (ADB)-led Energy Transition Mechanism (ETM). Prime Minister Christopher Luxon and Climate Change Minister Simon Watts announced ...1 week ago
- Minister releases Fast-track stakeholder listThe Government is today releasing a list of organisations who received letters about the Fast-track applications process, says RMA Reform Minister Chris Bishop. “Recently Ministers and agencies have received a series of OIA requests for a list of organisations to whom I wrote with information on applying to have a ...1 week ago
- Judicial appointments announcedAttorney-General Judith Collins today announced the appointment of Wellington Barrister David Jonathan Boldt as a Judge of the High Court, and the Honourable Justice Matthew Palmer as a Judge of the Court of Appeal. Justice Boldt graduated with an LLB from Victoria University of Wellington in 1990, and also holds ...1 week ago
- Education Minister heads to major teaching summit in SingaporeEducation Minister Erica Stanford will lead the New Zealand delegation at the 2024 International Summit on the Teaching Profession (ISTP) held in Singapore. The delegation includes representatives from the Post Primary Teachers’ Association (PPTA) Te Wehengarua and the New Zealand Educational Institute (NZEI) Te Riu Roa. The summit is co-hosted ...1 week ago
- Value of stopbank project proven during cycloneA stopbank upgrade project in Tairawhiti partly funded by the Government has increased flood resilience for around 7000ha of residential and horticultural land so far, Regional Development Minister Shane Jones says. Mr Jones today attended a dawn service in Gisborne to mark the end of the first stage of the ...1 week ago
- Anzac commemorations, Türkiye relationship focus of visitForeign Affairs Minister Winston Peters will represent the Government at Anzac Day commemorations on the Gallipoli Peninsula next week and engage with senior representatives of the Turkish government in Istanbul. “The Gallipoli campaign is a defining event in our history. It will be a privilege to share the occasion ...1 week ago
- Minister to Europe for OECD meeting, Anzac DayScience, Innovation and Technology and Defence Minister Judith Collins will next week attend the OECD Science and Technology Ministerial conference in Paris and Anzac Day commemorations in Belgium. “Science, innovation and technology have a major role to play in rebuilding our economy and achieving better health, environmental and social outcomes ...1 week ago
- Comprehensive Partnership the goal for NZ and the PhilippinesPrime Minister Christopher Luxon held a bilateral meeting today with the President of the Philippines, Ferdinand Marcos Jr. The Prime Minister was accompanied by MP Paulo Garcia, the first Filipino to be elected to a legislature outside the Philippines. During today’s meeting, Prime Minister Luxon and President Marcos Jr discussed opportunities to ...1 week ago
- Government commits $20m to Westport flood protectionThe Government has announced that $20 million in funding will be made available to Westport to fund much needed flood protection around the town. This measure will significantly improve the resilience of the community, says Local Government Minister Simeon Brown. “The Westport community has already been allocated almost $3 million ...1 week ago
- Taupō takes pole positionThe Government is proud to support the first ever Repco Supercars Championship event in Taupō as up to 70,000 motorsport fans attend the Taupō International Motorsport Park this weekend, says Economic Development Minister Melissa Lee. “Anticipation for the ITM Taupō Super400 is huge, with tickets and accommodation selling out weeks ...1 week ago
- Cost of living support for low-income homeownersLocal Government Minister Simeon Brown has announced an increase to the Rates Rebate Scheme, putting money back into the pockets of low-income homeowners. “The coalition Government is committed to bringing down the cost of living for New Zealanders. That includes targeted support for those Kiwis who are doing things tough, such ...1 week ago
- Government backing mussel spat projectThe Coalition Government is investing in a project to boost survival rates of New Zealand mussels and grow the industry, Oceans and Fisheries Minister Shane Jones has announced. “This project seeks to increase the resilience of our mussels and significantly boost the sector’s productivity,” Mr Jones says. “The project - ...1 week ago
- Government focused on getting people into workBenefit figures released today underscore the importance of the Government’s plan to rebuild the economy and have 50,000 fewer people on Jobseeker Support, Social Development and Employment Minister Louise Upston says. “Benefit numbers are still significantly higher than when National was last in government, when there was about 70,000 fewer ...2 weeks ago
- Clean energy key driver to reducing emissionsThe Government’s commitment to doubling New Zealand’s renewable energy capacity is backed by new data showing that clean energy has helped the country reach its lowest annual gross emissions since 1999, Climate Change Minister Simon Watts says. New Zealand’s latest Greenhouse Gas Inventory (1990-2022) published today, shows gross emissions fell ...2 weeks ago
- Earthquake-prone buildings review brought forwardThe Government is bringing the earthquake-prone building review forward, with work to start immediately, and extending the deadline for remediations by four years, Building and Construction Minister Chris Penk says. “Our Government is focused on rebuilding the economy. A key part of our plan is to cut red tape that ...2 weeks ago
- Thailand and NZ to agree to Strategic PartnershipPrime Minister Christopher Luxon and his Thai counterpart, Prime Minister Srettha Thavisin, have today agreed that New Zealand and the Kingdom of Thailand will upgrade the bilateral relationship to a Strategic Partnership by 2026. “New Zealand and Thailand have a lot to offer each other. We have a strong mutual desire to build ...2 weeks ago
- Government consults on extending coastal permits for portsRMA Reform Minister Chris Bishop and Transport Minister Simeon Brown have today announced the Coalition Government’s intention to extend port coastal permits for a further 20 years, providing port operators with certainty to continue their operations. “The introduction of the Resource Management Act in 1991 required ports to obtain coastal ...2 weeks ago
- Biden hails ‘press freedom, democracy’ but ignores Gaza media death toll of 142
The protest outside the White House correspondents’ dinner hotel. Image: Anatolu video screenshot APR More than two dozen Palestinian journalists had called for a boycott of the dinner, writing an open letter urging their American colleagues not to attend. “You have a unique responsibility to speak truth to power and ...4 hours ago - Fast-track Approvals Bill Presents A Serious Risk To New Zealand Exporters
“Our exporters should, therefore, be deeply concerned that the Fast-track Approvals Bill was not assessed for consistency with any of our free trade commitments prior to being introduced to the House,” says Gary Taylor, Chief Executive of the Environmental ...7 hours ago - 'Immigration changes necessary' – Stanford
Immigration Minister Erica Stanford says work has started on a broader accredited employer work visa review. ...8 hours ago - Green co-leader James Shaw came 'very close' to resigning as minister under Labour govtThe former minister reveals he "ended up storming out" of a Cabinet meeting over disagreements on climate change and biodiversity. ...10 hours ago
- NZCTU Welcomes Corporate Manslaughter Bill IntroductionNZCTU President Richard Wagstaff is calling on all political parties to support the new Member’s Bill from Labour’s workplace relations and safety spokesperson Camilla Belich MP that would ensure negligent companies are held accountable when their employees ...10 hours ago
- US election forecaster with near-perfect track record not ready call 2024 just yetA historian with an uncanny track record of predicting US election winners tells RNZ's Sunday Morning that President Biden looks to be on track for another term, but things could still go very wrong for him. ...11 hours ago
- US election forecaster with near-perfect track record not ready to call 2024 just yetA historian with a track record of predicting US election winners tells RNZ's Sunday Morning that President Biden looks to be on track for another term, but things could still go wrong for him. ...11 hours ago
- Fish and quiz: The many uses of written parliamentary questionsMinisters have to answer thousands of written questions each year - but how are they used, and for what end? ...12 hours ago
- Former Deputy PM Paula Bennett appointed Pharmac board chairThe former National MP "brings a wealth of experience" to the role, David Seymour says. ...14 hours ago
- Inside the home of New Zealand’s greatest crime writer
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- An Ode to .. King Luxon
Performance Review King Luxon sat behind His massive polished oak desk. It is Performance Review time. There is a knock on the door. “Enter!” says the King. In steps Minister of Disabilities and Carer Pedicures, Penny Simmonds. “I can explain everything …” she begins. “Fine,” says King Luxon, pressing the ...17 hours ago - In the studio with artist power couple Claudia Kogachi and Josephine JelicichThe pair opened their first fully collaborative exhibition, Nina for Flowers, last Saturday. Gabi Lardies visited their studio to find out who Nina is and what working together was like. ‘It didn’t start out like, ‘This is a show about Nina,’” says Josephine Jelicich, gripping a thermos of peppermint tea. ...19 hours ago
- An ode to the muesli bar, a national treasureThank you, Dr Maximilian Oskar Bircher-Benner, for your brilliant invention. I’m another mid-20s Kiwi who had an OE last year. I hopped on my bicycle where France meets the Atlantic and cycled east. I pedalled through the Loire Valley, down rivers lined with willows and ancient wisteria-draped chateaus. I relished ...19 hours ago
- Government urged to hit the gas on revamp of road user chargesInfrastructure New Zealand is pushing for new road user charges to be brought in quicker to help relieve pressure on strained transport funding. ...1 day ago
- US student Palestine protests against Israel’s war on Gaza inspire global actionAsia Pacific Report From France to Australia, university pro-Palestine protests in the United States have now spread to several countries with students pitching on-campus camps. And students at Columbia and other US universities remain defiant as campuses have witnessed the biggest protests since the anti-Vietnam war and anti-apartheid eras in ...1 day ago
- Former Te Whatu Ora chairperson Rob Campbell criticises Health NZ's 'savings' directi...Rob Campbell said it shows "poor management" and is "frankly irresponsible". ...1 day ago
- ‘To lead is to serve’ – Governor-General to call PM election in Solomon IslandsRNZ Pacific The race to form the next government of Solomon Islands could be a tight one, with no single party emerging from the election with enough seats to govern. Caretaker prime minister Manasseh Sogavare’s Our Party did the best, securing 15 out of the 50 seats in the House. ...1 day ago
- Bryce Edwards – FastTrackWatch: The Case for the Government’s Fast Track BillAnalysis by Dr Bryce Edwards, Democracy Project (https://democracyproject.nz) New Zealand Government’s Fast Track legislation. Many criticisms are being made of the Government’s Fast Track Approvals Bill, including by this writer. But as with everything in politics, every story has two sides, and both deserve attention. It’s important to understand what the Government ...1 day ago
- NZ and Türkiye pledge cooperation during natural disastersThe two countries have "a long history of coming to each other's aid", including after the 2023 Turkish earthquakes, Winston Peters says. ...2 days ago
- Waste not, want not: New series Food Waste Kitchen turns food trash into treasureTara Ward talks to presenter Naomi Toilalo about the new TV show that turns food waste into a three course feast. Naomi Toilalo is standing in the warehouse at Good Neighbour Tauranga, helping unpack the two-and-a-half tonnes of rejected food that will arrive at the community support hub that day. ...2 days ago
- Vaping regulations fight 'immeasurably harder' under coalition – campaignerFocus on Politics - Successive governments have claimed crack downs on youth vaping, but the bending and breaking of rules seems pervasive. ...2 days ago
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- Behind the counter: Wellington shopkeepersA new exhibition in Wellington showcases the faces behind your local goods and services. Back in 1977, when I was a fine arts student at the University of Canterbury, I took a series of photographs of Christchurch shopkeepers. The photos were for a calendar – a project for my end ...2 days ago
- Iranian Solidarity Group New Zealand Condemns Toomaj Salehi's Death Sentence And The New Aggres...Toomaj and his resistance to tyranny through his songs have become an icon for the youth of Iran, so his sentence has hit the nation hard. Toomaj Salehi is not the first artist to pay the price for standing with the people. ...2 days ago
- Short story: Calf Creek, by Anna ScaifeMy cousin Dylan and I spotted these big eels under the bridge that summer. We watched them lounging under the dark weed, facing into the flow of water, their mouths frozen open. Dylan and I couldn’t stop thinking about those eels. The night we went down to the creek, we ...2 days ago
- Newsroom welcomes the Secret DiaryNewsroom, home of satire. My long-running weekly satirical series The Secret Diary has moved to Newsroom and will appear every Saturday, with Victor Billot’s wildly popular satirical Odes continuing to appear every Sunday. Diaries, Odes – while serious political columnists toil at meaningful opinions and stroke their chins to an ...2 days ago
- I saw ‘The Sign’, and it opened up my eyes: All the fuss around Bluey, explainedTara Ward unravels the many nuanced layers of a cartoon about talking dogs. This is an excerpt from our weekly pop culture newsletter Rec Room. Sign up here. It’s not often an episode of a children’s cartoon has adults sobbing into their sleeves, but that’s exactly what happened this week when ...2 days ago
- Jessica Tater has ambition without bordersWorking as a doctor in developing countries to help communities achieve better health outcomes is nothing short of a life goal for Jessica Tater. The University of Otago medical student has her sights firmly set on joining the international humanitarian organisation Doctors Without Borders/Médecins Sans Frontières (MSF) when she qualifies ...2 days ago
- The island where people’s stories are paramountThere’s an island in the far reaches of Auckland’s territory, sitting off the tip of the Coromandel Peninsula, 30 minutes by air from the city or four hours on the slow boat. Aotea Great Barrier is off-grid, it has a population of fewer than a thousand people … and most ...2 days ago
- Australian author leads silence protest over ‘blood debt’ owed to PapuansAsia Pacific Report An Australian author and advocate, Jim Aubrey, today led a national symbolic one minute’s silence to mark the “blood debt” owed to Papuan allies during the Second World War indigenous resistance against the invading Japanese forces. “A promise to most people is a promise,” Aubrey said in ...2 days ago
- Israel delays Gaza Freedom Flotilla departure with bureaucratic ‘block’Asia Pacific Report The Freedom Flotilla is ready to sail to Gaza, reports Kia Ora Gaza. All the required paperwork has been submitted to the port authority, and the cargo has been loaded and prepared for the humanitarian trip to the besieged enclave. However, organisers received word of an “administrative ...2 days ago
- Have New Zealanders really been ‘misled’ about AUKUS, or is involvement now a foregone conclusio...ANALYSIS: By Marco de Jong, Auckland University of Technology and Robert G. Patman, University of Otago When former prime minister Helen Clark spoke out against New Zealand potentially compromising its independent foreign policy by joining pillar two of the AUKUS security pact, Foreign Minister Winston Peters responded bluntly: On ...2 days ago
- Palestine protesters challenge TVNZ over Israeli ambassador’s ‘propaganda’Pacific Media Watch Palestine solidarity protesters today demonstrated at the Auckland headquarters of Television New Zealand, accusing the country’s major TV network of broadcasting “propaganda” backing Israel’s genocidal war on Gaza. About 50 protesters targeted the main entrance to the TVNZ building near Sky Tower and also picketed a side ...2 days ago
- Lynley Hood Opinion – Senator Fulbright must be spinning in his grave2 days ago
- Fast-track bill could affect NZ's reputation – Transparency InternationalThe ministers responsible for green-lighting major projects need to be open about potential conflicts of interest, says Transparency International. ...2 days ago
- We’re all feeling the collective grief and trauma of violence against women – but this is the pr...Source: The Conversation (Au and NZ) – By Anastasia Powell, Professor, Family and Sexual Violence, RMIT University It has been a particularly distressing start to the year. There is little that can ease the current grief of individuals, families and communities who have needlessly lost a loved one to men’s ...2 days ago
- Species living closely together in symbiosis is far older and way more common than you might thinkSource: The Conversation (Au and NZ) – By Gregory Moore, Senior Research Associate, School of Ecosystem and Forest Sciences, The University of Melbourne Lichen, the first described example of symbiosis. AdeJ Artventure/Shutterstock Once known only to those studying biology, the word symbiosis is now widely used. Symbiosis is the intimate ...2 days ago
- What is childhood dementia? And how could new research help?Source: The Conversation (Au and NZ) – By Kim Hemsley, Head, Childhood Dementia Research Group, Flinders Health and Medical Research Institute, College of Medicine and Public Health, Flinders University Olena Ivanova/Shutterstock “Childhood” and “dementia” are two words we wish we didn’t have to use together. But sadly, around 1,400 ...2 days ago
- Jobseekers get about $345 less than pensioners each fortnight. This gap is hurting, and is set to wi...Source: The Conversation (Au and NZ) – By Peter Whiteford, Professor, Crawford School of Public Policy, Australian National University The government’s Economic Inclusion Advisory Committee has just published its second report. It was set up by Treasurer Jim Chalmers and Minister for Social Services Amanda Rishworth in 2022 to provide: ...2 days ago
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- Labor facing heavy defeat in Queensland, but faring better in federal pollsSource: The Conversation (Au and NZ) – By Adrian Beaumont, Election Analyst (Psephologist) at The Conversation; and Honorary Associate, School of Mathematics and Statistics, The University of Melbourne The Queensland state election will be held in October. A YouGov poll for The Courier Mail, conducted April 9–17 from a sample ...2 days ago
- Why the potential for another Donald Trump presidency is making Iran very nervousSource: The Conversation (Au and NZ) – By Amin Naeni, PhD candidate at Alfred Deakin Institute for Citizenship and Globalisation, Deakin University There’s been much talk in recent months about what a possible second Donald Trump presidency in the United States could mean for Europe, Russia’s war in Ukraine, the ...2 days ago
- ‘The worst piece of law proposed since 1979’: Reactions to the Fast-track Approvals BillA brief round-up of submissions on the controversial proposed law. This is an excerpt from our weekly environmental newsletter Future Proof. Sign up here. Last week, submissions on the controversial Fast-track Approvals Bill closed just hours after the government released a list of stakeholder organisations who were sent letters advising how they could ...2 days ago
- The Friday Poem: ‘Cereal giving’ by Robin PeaceA poem from Robin Peace’s new collection Detritus of Empire: feather / grass / rock. Cereal giving I see a woman’s hands, see her curious hands break a stalk as she walks through the tall prairie, the savannah, the steppe, wherever it was. See her idly bite the grass that ...2 days ago
- The Unity Books bestseller chart for the week ending April 26The only published and available best-selling indie book chart in New Zealand is the top 10 sales list recorded every week at Unity Books’ stores in High St, Auckland, and Willis St, Wellington. AUCKLAND 1 Hemingway’s Goblet by Dermot Ross (Mary Egan Publishing, $38) A handsomely produced (debossed cover, lovely ...2 days ago
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A pathetic $2B for the climate and we can't afford it… $40B for roads – totally! This country is fucked.
The 40 bill isn't for the nation's roads ..
It is all to service a largely very wealthy area of auckland…
An area that already has buses/ferries/bridge/road to service it's needs..
The more you think about it..the more wacka-doodle it is…
Thanks Phil – I had not thought of it that way, it's even worse isn't it.
I'm reading it as Labour's vote of no confidence in it's own ability to manage big projects, but it could also be a neutral stance to make progress on a bipartisan basis given the odds-on likelihood that voters will hang parliament.
Good point there from James: now the USA is finally doing it's Green pivot properly, BlackRock could simply be following their govt lead to do an investing pivot accordingly…
https://www.whitehouse.gov/briefing-room/statements-releases/2023/06/19/fact-sheet-biden-harris-administration-makes-historic-investments-to-build-community-climate-resilience/
Interesting Shaw didn't share the concerns of Greenpeace in that article.
Makes one wonder if further pricing people out of being able to afford power is part of their (the Greens) plan to get us to reduce our power use?
Can't have a warm, dry home if you can't afford the power bill.
https://www.stuff.co.nz/business/131559436/kiwis-concerned-electricity-will-become-unaffordable-as-some-borrow-to-pay-bills
https://www.greens.org.nz/energy_2023
How will scaling up support for community energy solutions distinguish between who can and can't afford to pay the full price. Moreover how will it help those that can't?
The deal with BlackRock is reform of the electricity market, getting more renewables in place. Yet, it is expected to add to the cost of renewable energy while sending more revenue (in the form of profits) offshore. Therefore, how will this help in ensuring a just transition?
How will transitioning away from gas powered heating and cooking (which is generally cheaper) going to help those struggling with costs?
When will supporting households to improve energy efficiency extend to cheap or free double glazing? And full home (in walls) insulation?
The Greens taxation and income guarantee policy is designed to eliminate the disparities that lead to some being unable to pay full price.
The BlackRock deal is not a fundamental reform of the electricity market. It is a new source of funding that supports increasing investment in renewables in the current market setup. It was also a deal done by Labour, not the Greens.
Energy efficiency is covered in other policy areas:
https://www.greens.org.nz/housing_policy
https://www.greens.org.nz/climate_change_policy
https://www.greens.org.nz/household_livelihoods_policy
https://www.greens.org.nz/economic_policy
etc etc.
I am conscious of keeping the quoting to a minimum but as a party with a holistic approach there are many overlapping policies that address many of those questions.
@ r.c..
Yep..!..a total nadir for labour..
With its emphasis on private capital I am surprised that National, as a half-hearted sop to climate change voters, didn't think of it first. But then they are probably still basking in the road building sunshine-out-of-your-arse glory and planning how to take cellphones away from kids.
How is it that Blackrock has all this investment capital sloshing round looking for a home – where has it come from? The most likely explanation is the 40-odd years of governments globally failing to tax large corporations and the wealthy at the level needed to create well-functioning societies. Instead this money accumulates at the top – and naturally it goes seeking a return in things like asset speculation and juicing the sharemarket, while a lot ends up in the hands of financial institutions and private equity firms where Governments end up borrowing it. In short: Governments have gone from taxing large corporations and the wealthy to borrowing from them – and paying them interest for the privilege. You could scarcely devise a more powerful engine of inequality other than re-legalising chattel slavery. But in 2023 governments have to work with the world as it is – especially weak, liberal-centrist governments in tiny countries that are disobedient at their peril.
They get $1,200 a fortnight from me, have done for 6 years. Canadian pension, returns down to 3.9%.
If you drill down…you will find Blackrock are major shareholders in big banks,including the Australian big 4.
What they,Vanguard,State Street,BNP Paribas,HSBC,JP Morgan,Citigroup,have in multinational, large shareholdings will blow your …mind.
They can tap ..trillions.
Those assets you talk of Ad, were built by men living for years in camps and villages that took two hours or more to get to their nearest Doctor store or other family. I had many relatives work on various dams, of course no-one acknowledged Maori and land could be requisitioned for 'official use'. Different times different morals.
Yes different times, the Ministry of Works built the Upper Waitki scheme and provided a town, Twizel, on-site complete with schools, hospital, shops and all the other services. Otermatata also had these services for the Benmore project. Both of these projects were on time and budget. Then came Muldoon's government and the breaking up of MOW and the inefficiencies of the Clyde Dam project. The requisition of land is another matter.
My old grand pappy who I never met, dead at 67 with lungs shot from tunneling, tuai lakes and Shannon, plus gun emplacement in Auckland.
One of the reasons I'm against privatization of our ancestors blood sweat and deaths.
Why bother with upgrading our military…?
Why not just call in the waegner group..?
So ..we have yet another ill-thought out/barking fucken mad idea from labour..that they have signed us up for…
(Is hipkins trying to outflank seymour on the right..?..)
(They have so many of these brain-farts on days that end in 'y'..eh..?)
But seriously..!…waegner..?..blackrock..?.. different facets of the same coin-side..?
D'yareckon..?..
And they have sold/privatised our national energy control for a measly 2 bil..?
Are you confusing investment management company BlackRock with private military contractor Academi (formerly Blackwater)?
Blackstone is also another similarly-named investment management company, capitalism breeds innovation! /s
(I corrected a typo..)
But I am going on their current record as a corporate villain..
And of course the obvious question is why not do it ourselves..?
Is this just an echo of labours' fixation on consultants..?
Writ large..?
I did two double takes, god forbid it being the mercenary outfit Blackwater
If only there was a way of taxing polluters ,we could take that money to invest in renewable energy!!
Instead of dancing with the devil who no doubt will be better negotiators than anyone in nz ,so we'll be getting shafted.
Blackrock one of the big 3 (State St,Vanguard),trillion dollar, Vampire companies that suck the profits out of their …hosts.
Under a PPP, a private company takes responsibility for financing, building, and maintaining a major piece of infrastructure. The Government pays the company a fixed rate over a set number of years.
Transmission Gully tale…' Costs officially blow out to more than $1b after Waka Kotahi agrees to pay another $191m to Wellington Gateway Partnership due to the delays.
'August 2020: After months of negotiations, Waka Kotahi agrees to pay WGP an extra $208 million. It brings the total cost to $1.25b – $400m more than originally agreed. The opening date is moved to September 27, 2021.
PArivate equity govt partnerships operate on the heads we win,tails you lose principle.
ref-'Transmission Gully: Unfinished billion-dollar highway's bumpy road | Stuff.co.nz
https://www.rnz.co.nz/news/business/495431/kiwisaver-assets-continue-their-rebound
$98 billion in kiwisaver , if only it was investment money,!!
Some of the key assumptions in this post are wrong. Even when the entire electricity system was “owned” by the government a material portion of the funding costs were sourced from offshore. NZs infrastructure development has been supported by foreign capital from the start and will continue to do so as long as we run current account deficits. Capital thought funds like Blackrock is arguably better than foreign borrowing as there is no guaranteed return
Show me the foreign funder equity stakes prior to John Key.
Nice to have popped back and find this Post,good stuff Ad.
Micky Savage,maybe Ardern was reporting too her masters,?
I am not arguing that they had equity stakes. The government borrowed money, a material percentage of which came from offshore sources. As it was debt funding the government was obliged to proved an agreed return. Under the Blackrock arrangement the government would not be exposed to the same risk. Either way the government has only announced that Blackrock will set up a relatively small investment fund with a view to invest in renewable electricity generation projects in NZ. This does really change anything in the way the market operates, or the approach to funding new infrastructure.
I can just recall the trouble Prime Minister Muldoon got into with the Aramoana Smelter financing in 1982-4. Also the letter that the IMF sent him.
I don't agree that there has been no change to the way projects are financed by government, but I'm interested in the historic public projects funded by private debt you are aware of.
It's why I wrote the post as a series of "one the one hand"…
NZ has been relatively capital poor since its formation. We have funded a large portion of both private and public investment via offshore debt and equity financing (debt for public). When I say that things haven’t materially changed I am referring to the current situation with the Blackrock deal. We already have offshore equity investment into the power companies. This is just another vehicle.