The ministers for finance and energy of Australia and New Zealand agreed that climate action and more investment in renewable energy are essential to putting downward pressure on power prices and the cost of living for New Zealand and Australian households and businesses, according to a Friday statement.

New Zealand's Minister of Finance and Minister for Economic Growth, Nicola Willis, New Zealand's Minister of Climate Change and Minister for Energy, Simon Watts, Australian Treasurer, Jim Chalmers, and the Australian Minister for Climate Change and Energy, Chris Bowen, participated in the Australia-New Zealand Climate and Finance Ministers' 2+2 Dialogue.

The ministers welcomed new "Nationally Determined Contributions" submitted by both countries as critical investment signals. They discussed supporting trans-Tasman energy affordability, security, and regulatory alignment.

They agreed to further align regulatory settings for consumer energy technologies, develop and align vehicle-to-grid standards for electric vehicles, as well as facilitate direct engagement between the Australian solar and battery industry and regulators with their New Zealand counterparts. New Zealand will co-invest around NZ$1 million and Australia around AU$4.1 million to upgrade the joint Equipment Energy Efficiency program registration system.

Australia and New Zealand will also establish a working group of government and industry to share information and collaborate on solutions to help ensure the accessibility of insurance.