WELLINGTON, April 9 (Xinhua) -- A New Zealand public-private joint venture is committing an additional 18 million NZ dollars (10.87 million U.S. dollars) towards AgriZeroNZ to boost efforts to reduce agricultural emissions.
Three companies, the a2 Milk Company, ANZ Bank New Zealand, and ASB Bank, will collectively contribute 9 million NZ dollars (5.4 million U.S. dollars) over three years to product development and commercialization of new tools and technologies to reduce on-farm emissions, Agriculture Minister Todd McClay said on Tuesday.
These new shareholders will take the overall investment in AgriZeroNZ to 183 million NZ dollars (110 million U.S. dollars) over the joint venture's first four years, with 50 percent of this funding from the government investment, McClay said.
The AgriZeroNZ public-private joint venture is accelerating the development, commercialization and adoption of practical tools and solutions for New Zealand farmers to meet international climate change obligations, according to the minister.
The investment from the new shareholders shows the increasing commitment of New Zealand businesses to help get emissions reduction tools into the hands of farmers sooner, he said.
New Zealand aims to be a global leader in developing the tools, technologies, and practices to drive down agricultural emissions while maintaining the productivity and profitability of its food and fiber sector, with the backing of both government and private companies, he added. ■
