The deal, signed by Treasurer Jim Chalmers and Energy Minister Chris Bowen from Australia, and Finance Minister Grant Robertson and Climate Change Minister James Shaw from New Zealand, took place in Wellington on Thursday.

The agreement signifies a strong commitment from both governments to collaborate closely and capitalize on the economic opportunities that come with the transition to renewable energy. Additionally, it aims to accelerate climate change action in the broader Indo-Pacific region.

One of the key highlights of the agreement is the promise of reduced power costs for Australians and New Zealanders. This move aligns with their shared goal of creating a cleaner energy future. The agreement also focuses on making electric vehicles more affordable and accessible to the public. Australia and New Zealand plan to leverage their collective purchasing power to support the supply of cheaper electric vehicles in the domestic market. This includes incorporating electric vehicles into government fleets, which will further stimulate the second-hand electric vehicle market.

Dr. Jim Chalmers emphasized that the agreement not only demonstrates the commitment of both countries to climate action but also provides assurance to investors interested in the clean energy industries of Australia and New Zealand. The collaboration between the two nations is expected to pave the way for a greener, more sustainable future and foster regional cooperation in addressing climate change challenges.

This landmark agreement between Australia and New Zealand sets a positive precedent for international cooperation in the transition to renewable energy, offering hope for a brighter and cleaner future for both countries and the wider Indo-Pacific region. (ILKHA)