The government of New Zealand is teaming up with US investment firm BlackRock in pursuit of its ambition to become one of the first countries in the world to reach 100% renewable electricity.

They have launched a $2 billion (£1.6bn) fund to provide access to greater pools of capital for businesses and ramp up investments in solar power, wind generation, battery storage and hydrogen.

New Zealand already generates more than 80% of its electricity from renewable energy sources and aims to reach 100% by 2030.

Prime Minister Chris Hipkins said: “This is a first of its kind fund in the country that demonstrates the huge economic potential of New Zealand being a climate leader and our goal of generating 100% renewable electricity.

“It proves again that we can grow our economy while we lower emissions. This fund is a massive opportunity for New Zealand innovators to develop and grow companies.

“I’m absolutely stoked about what this means for Kiwi ingenuity in renewable energy; it shows that our ambitious climate targets have the world’s attention and that they are good for the climate, good for the economy and will help create highly skilled jobs.”