James Shaw, Chris Bowen, Jim Chalmers and Grant Robertson. Photo: RNZ / Angus Dreaver
New Zealand and Australia have teamed up to make the most of their transition to low emission and climate-resilient economies - and it could mean more affordable electric vehicles.
Climate Change Minister James Shaw and Finance Minister Grant Robertson this morning met with their Australian counterparts Chris Bowen and Jim Chalmers for the inaugural Australia-New Zealand Climate and Finance Ministers' meeting.
It is the first partnership of its kind, pairing the financial and climate portfolios for the two countries.
Ministers agreed they would work together to blend policies and develop new initiatives to have a better impact and potentially save costs.
This included an agreement to better equip each country for the production and supply of electric vehicles - something Australia has been wanting to do for a time.
"The access to supply chains is one of the things that can really stop us from making the transition," Shaw said.
"As countries around the world gear up to electrify their vehicle fleets, smaller markets like ours at the very far end of global supply chains are at risk of missing out."
Adding New Zealand's market to the Australian market and moving manufacturing closer would grow New Zealand's purchasing power by a fifth.
There were little details of any further agreements, this being the first of what will be annual meetings between the four ministers and the working group, which will be established.
The minister meet for the first Climate and Finance summit on Thursday. Photo: RNZ / Angus Dreaver
The ministers said they would work to "align sustainable finance frameworks and tools across the Tasman to enhance interoperability and support businesses operating across the economic region."
Ministers also agreed to explore how New Zealand could adopt Australia's Guarantee of Origin scheme, which provides a way to track and verify emissions associated with products and support renewable energy.
A net zero government working group will be established to support decarbonising public services, climate-related disclosures and sustainable procurement.