Hon Dr MEGAN WOODS (Minister of Energy and Resources): Last month, I joined the Prime Minister to announce the launch of the first round of the Government investment in the Decarbonising Industry Fund. The Government recognises the importance of reducing greenhouse gas emissions from process heat, and the introduction of this fund represents a win for our climate and a win for our recovery. The fund operates as a partnership between the Government and business to accelerate the decarbonisation of industrial process heat and thermal energy used to manufacture products in industry. Process heat makes up around a quarter of New Zealand's energy-related emissions and over 50 percent of process heat is fossil fuelled, mainly by gas and coal. This fund will be key to reducing those emissions in the years ahead. The $70 million new fund will allow businesses to invest in energy efficiency, the application of innovative technologies, and fuel switching, with the ultimate goal of accelerating decarbonisation through the lowering of emissions.