Taranaki Report Highlights Economic Resilience and Energy Transition

A recent report from Venture Taranaki underscores the region’s commitment to economic resilience and leadership in energy transition. The 73-page report, released this month, outlines the agency’s ongoing programs and financial status while highlighting priorities under the Tapuae Roa 2025/26 Action Plan. This strategic framework, established in 2017, aims to promote sustainable economic growth across various sectors, including food production, tourism, renewable energy, and Māori enterprises.

Energy transition remains a central theme of the strategy, as evidenced by the formation of regional energy leadership and communication groups. These collaborative efforts have united local councils, iwi, and industry leaders, including Methanex, Are Ake, and Port Taranaki. Their objective is to prioritize actions that optimize existing resources, accelerate the development of renewable energy, and align workforce skills with future demands.

Kelvin Wright, Chief Executive of Venture Taranaki, remarked on the dual challenges and opportunities that arise during this transition. He stated, “Venture Taranaki continues to apply a strategic lens across the region to navigate this change, taking purposeful and coordinated action to deliver positive outcomes for our people and place today, while positioning Taranaki for sustainable growth and long-term success.”

The report highlights that the strategy has already yielded significant results. In the energy sector, it identified ten high-priority actions to reinforce New Zealand’s status as a strategic energy hub. This includes establishing regional leadership groups, advancing projects in offshore wind and hydrogen, developing the necessary workforce skills, and attracting investment.

Taranaki also recently hosted the fourth Offshore Renewable Energy Forum, which drew national and international experts to explore emerging opportunities in the renewable sector.

Progress in diversification initiatives, such as the Branching Out program, has been steady, showcasing promising trials with crops like garlic, avocados, and kūmara. The visitor sector demonstrated resilience, driven by successful major events and cultural experiences. One notable event, Te Matatini o Te Kāhui Maunga, held in March, generated an estimated $23.7 million in economic impact. Collectively, the summer events provided Taranaki with a substantial economic boost of $67 million.

Data from Infometrics indicates that Taranaki experienced a 3.9% increase in tourism expenditure as of March 2025, contrasting sharply with the national average growth of just 0.7% during the same period.

In the report, Grant McQuoid, Chair of Venture Taranaki, emphasized the importance of collaboration in harnessing opportunities for regional growth, job creation, and sustainable investment. “Over the past year, Te Puna Umanga Venture Taranaki has continued to unlock the potential of Taranaki through our broad range of economic development functions, supporting our transition to a low-emissions future,” he stated.

The findings of the report not only reflect Taranaki’s resilience but also highlight a proactive approach to economic and energy challenges, positioning the region for future success.