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2.8. A key priority for the New Zealand Government is responding to climate change and supporting sustainability and a just transition to a low carbon economy. In 2021 the Government strengthened its global emission reduction target to reduce New Zealand's net greenhouse emissions by 50% by 2030 and committed to phasing out coal. The 2019 Climate Change Response (Zero Carbon) Amendment Act set targets to make New Zealand carbon neutral.

2.9. Businesses and trade will play a fundamental role in the transition to a low carbon economy. The Government has invested NZD 300 million to recapitalize New Zealand Green Investment Finance and became the first country in the world to pass legislation requiring all listed companies and large financial institutions to report on their climate related risks. [9] Other measures have been introduced, including shifting public institutions and businesses to clean energy, requiring Crown Financial Institution investments be carbon neutral by 2050, introducing green bonds, and recycling revenues from the Emissions Trading Scheme to help finance the low carbon transition. New Zealand recently committed to provide NZD 1.3 billion in climate finance for developing countries over 2022-2025, a fourfold increase from its previous commitment. [10] At least 50% of this funding will go to the Pacific.
[9] Govt will continue to show climate leadership | Beehive.govt.nz.
[10] New Zealand increases climate aid contribution | Beehive.govt.nz.

2.10. The Climate Change Commission was formed in 2019, alongside work to set New Zealand's climate targets, legislated under the 2019 Zero Carbon Amendment Act. The Commission is an autonomous Crown Entity which provides independent, evidence-based advice to the Government to help the transition to a low-emissions and climate-resilient economy. It has provided a climate-lens on COVID‑19 related policies and legislation.

2.11. New Zealand will invest a record NZD 57.3 billion in infrastructure over the next five years. Infrastructure investment was already a core Government priority to improve productivity, support digitalization and accelerate the low carbon economy transition. It now also supports the COVID‑19 rebuild and recovery.

2.12. In January 2020, New Zealand announced the New Zealand Upgrade Programme (NZUP). NZUP is a NZD 12 billion investment in roads, rail, schools, and hospitals to modernize New Zealand's infrastructure, prepare for climate change, and help grow the economy. (...). The programme also has a focus on carbon reduction and increasing access to housing.

2.14. In addition to the NZUP investment, two other funds helping to deliver the infrastructure investment are the COVID‑19 Response and Recovery Fund (CRRF) and the Provincial Growth Fund (PGF). (...) The CRRF has allocated NZD 2.5 billion for construction-ready infrastructure projects across community and social assets, climate and flood resilience , business, housing and transport. (...).

2.22. The Government introduced Industry Transformation Plans (ITPs) in 2019 to support its economic goal of building a productive, sustainable and inclusive economy. (...). ITPs have 20-30 year visions to lift productivity through scaling up highly productive and internationally competitive clusters in areas where New Zealand has a comparative advantage, and to transform environmental and labour market outcomes.

3.3. A key development since 2018 is the Trade for All agenda. (...). Trade for All is now central to the way that New Zealand interacts at the international, regional and domestic level to advance inclusive and sustainable trade.

3.4. Two key components in the development of Trade for All include firstly, the November 2019 report of the independent Trade for All Advisory Board, containing over 50 recommendations on the future of New Zealand's trade policy following significant public consultation throughout New Zealand. The second is the Government's response to the report. The recommendations and responses are aimed at making New Zealand's trade policy forward-looking, responsive, sustainable and inclusive. (...).

3.11. (...). Trade for All principles are also encompassed to promote a more inclusive and sustainable recovery.