Westpac NZ Becomes First Bank to Accept Zespri Shares as Lending Security
Westpac NZ has become the first New Zealand bank to receive approval from the Reserve Bank of New Zealand (RBNZ) to secure and leverage kiwifruit growers' Zespri shares.
Bryan Parkes, Zespri’s head of innovation acceleration, says that since the launch of ZAG in 2023, the fund has established itself as a driver of innovation and sustainability in the kiwifruit industry.
“The first year was really positive – we received 124 applications from right across the globe and from there, 11 moved into pilot programmes,” Parkes told Rural News.
He says those 11 pilots are aligned with ZAG’s four core priorities, which aim to create lasting impact across the kiwifruit ecosystem, with numerous promising projects that focus on technology, resource efficiency, and improving environmental outcomes already showing positive results.
“It’s proved invaluable in connecting with innovative problem solvers both locally and globally to help address key challenges our industry faces as we meet the growing demand for kiwifruit,” Parkes adds.
Earlier this month, Zespri announced its intention to reaffirm its US$2 million investment to the fund, a pledge Parkes says comes out of Zespri’s commitment to fostering a sustainable future for the industry.
“We cannot address the challenges our industry faces alone,” he says. “ZAG will enable us to accelerate our impact by fostering true global collaboration, encouraging innovation, and facilitating strategic investment.”
Parkes says that in the first year of the fund, Zespri has noted that there are several opportunities and innovations that went unexplored.
“We find the ZAG applicants see value in working with a larger commercial partner that can support them both technically and financially to explore the commercial value of their product or ideas, while not looking to take equity in their company,” he says.
“ZAG is providing a great ‘welcome mat’ for innovators around the world to engage with Zespri and the kiwifruit industry.”
In year two, the fund is getting refreshed, with an additional focus on Environmental, Social and Governance (ESG) related challenges like climate resilience.
“We are looking for projects or innovations that have at least explored the idea to an early prototype, or where an idea or innovation is working in another sector or crop and may have applicability to kiwifruit,” Parkes says.
The refresh is part of Zespri’s work with its partners to be carbon positive by 2035.
“The annual awards recognise top performance and commitment to customer success,” he says.
“As climate change intensifies the kiwifruit industry is facing increasing risks such as extreme weather, shifting growing conditions and pressure on natural resources.
“ESG initiatives help future-proof orchards by promoting sustainable land use, efficient resource management, and innovative farming techniques that safeguard long-term productivity.
“We are excited by the advancements we’ve seen as a result of the ZAG Fund pilots to date and look forward to continuing to work with industry partners, research institutions, and local communities to achieve even greater milestones in sustainable agricultural practices,” he concludes.
