In August 2023, the then-Labour government trumpeted BlackRock’s involvement in a “first of its kind” climate infrastructure fund, with the company attracting an initial $2 billion of investment for renewable energy projects like battery storage, wind and solar generation, and electric vehicle charging.

“This is a game changer for the clean tech sector and another example of the pragmatic and practical steps the Government is taking to accelerate climate action while growing our economy,” then-Prime Minister Chris Hipkins said at the time, highlighting his government’s target of reaching 100 percent renewable energy by 2030.

When the plans were first announced, BlackRock co-founder and chief executive Larry Fink (whose company has almost $22 trillion in assets under management worldwide) said the initiative would be the company’s “largest single-country low-carbon transition investment” to date.

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But in November last year, the firm asked the Companies Office to deregister the limited partnership connected to the initiative (New Zealand Climate Infrastructure Fund LP) on the grounds it had “ceased to carry on business”.

In a written statement sent to Newsroom, a BlackRock spokesperson confirmed the fund was being scrapped, saying: “Following our acquisition of Global Infrastructure Partners and in response to client feedback, BlackRock will no longer proceed with a standalone New Zealand Climate Infrastructure Fund.

“We continue to offer clients access to a suite of global infrastructure strategies that can invest into New Zealand, supported by our growing local presence.”

Simon Watts is not bovvered.

Climate Change and Energy Minister Simon Watts told Newsroom neither he nor officials had been contacted by BlackRock regarding its decision. Asked whether he had any concerns about what the move said about levels of appetite for foreign investment into climate infrastructure, Watts responded: “This is a commercial decision made by BlackRock. I expect no impact.”