The Prime Minister's Green Investment Fund appears to be doing the complete opposite of investing, with not one cent allocated after 17 months meaning it will lose money, National's Environment spokesperson Scott Simpson says.
"Despite their being no tangible investment from the fund, taxpayers' money is still being spent with absolutely no return.
"The fund has operating costs of $5 million a year, but is only expected to return $3 million annually. It's bizarre that a fund expected to lose $2 million a year is considered a good 'investment' of taxpayers' money by this Government.
"James Shaw said the fund would be 'a commercially focused investment company which will work to invest with business to reduce emissions while making a profit'. But all it has been so far is a drain on taxpayers with nothing to show for it.
"Despite failing to invest a single dollar in 17 months, the Green Investment Fund is holding a glamourous cocktail function next month at the New Zealand Academy of Fine Arts, paid for by the taxpayer.
"The Green Investment Fund is yet another case of this Government failing to deliver on its promises, and is so far a complete waste of taxpayers' money."
