New Zealand abandons Jacinda Ardern's net zero push

New Zealand has reversed its net zero ambitions by lifting a ban on oil and gas drilling. The government announced a NZ$200 million investment in offshore gas fields in its latest budget. This marks a departure from a 2018 policy by former Prime Minister Jacinda Ardern, who claimed "the world has moved on from fossil fuels."

Finance Minister Nicola Willis emphasized attracting international oil companies with subsidies. The shift comes after issues with renewable energy led to higher prices and blackout risks. Resources Minister Shane Jones criticized Ardern's ban, stating, “We are feeling the pain of constrained supply.” He highlighted the need for natural gas to ensure energy security for at least the next two decades.