Taranaki Report Highlights Economic Resilience and Energy Transition

The latest annual report from the regional economic development agency, Venture Taranaki, underscores the importance of economic resilience and leadership in energy transitions for the Taranaki region. Released this month, the 73-page report provides insights into the agency’s programmes, financial standing, and strategic priorities outlined in the Tapuae Roa 2025/26 Action Plan.

Established in 2017, the strategy aims to promote sustainable economic growth across various sectors, including food, tourism, renewable energy, and Māori businesses. Energy transition remains a central focus, as evidenced by the formation of regional energy leadership and communications groups. The report highlights collaboration among local councils, iwi, and industry leaders, including Methanex, Are Ake, and Port Taranaki, aimed at optimizing existing resources, accelerating renewable energy projects, and aligning workforce skills to meet future demands.

Kelvin Wright, chief executive of Venture Taranaki, remarked on the dual nature of challenges and opportunities that the region faces during this transition. “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,” he stated in the report.

The strategy has already yielded tangible results, particularly in energy, where ten high-priority actions have been identified to maintain New Zealand’s status as a “strategic energy hub.” These actions include the establishment of regional leadership groups, advancement of offshore wind and hydrogen projects, development of workforce skills, and attracting investments.

Taranaki recently hosted the fourth Offshore Renewable Energy Forum, bringing together national and international experts to explore opportunities in renewable energy. The report also notes progress in diversification efforts, such as the Branching Out programme, which has seen promising commercial trials of crops like garlic, avocados, and kūmara.

The visitor sector in Taranaki has demonstrated resilience, bolstered by successful major events and cultural experiences. The Te Matatini o Te Kāhui Maunga event in March alone contributed an estimated $23.7 million to the region’s economy. Collectively, a summer filled with major events provided Taranaki with a significant economic uplift of $67 million.

In July, consultancy firm Infometrics reported a 3.9% increase in tourism expenditure for Taranaki, sharply contrasting with the national average growth of 0.7% to March 2025.

Chair of Venture Taranaki, Grant McQuoid, emphasized the necessity of a collaborative approach to harness 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 noted in the report.

As Taranaki moves forward, the emphasis on resilience and energy transition will play a crucial role in shaping the region’s economic landscape, ensuring it remains adaptable and prepared for the challenges ahead.