The green investment fund has announced its first tranche of spending since its inception more than two years ago – $15 million to electrify vehicles and generate renewable energy at Wellington's main port.

Climate Change Minister James Shaw is welcoming the move but the investment comes just hours after Transport Minister Phil Twyford confirmed another key Greens' policy had been kiboshed by New Zealand First.

It had been reported that the Greens-led vehicle feebate scheme, which would have slashed the price of the importing of green-cars and slapped a tax on higher emitting vehicles, had stalled at Cabinet.

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But Twyford this morning confirmed that it had been blocked by New Zealand First.

"That particularly policy has not been able to progress through the coalition pre-Cabinet process," he told MPs at a select committee this morning.

"I don't expect that will progress between now and the election."

Associate Transport Minister Julie Anne Genter told the Herald this was disappointing news.

"NZ First chose to block a pragmatic solution to a problem that is not going away."

Shaw was singing a similar tune last week when it came to light rail, which has also been delayed in Cabinet by New Zealand First.

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"I'm always disappointed by NZ First," Shaw told RNZ.

Despite this, Shaw said he was pleased to see today's investment.

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The New Zealand Green Investment Fund (NZGIF) was in the Greens/Labour Supply and Confidence agreement.

The $100m fund – which has a mandate to invest in Green projects – was announced in the 2018 Budget, but only made its first investment today.

The money would be used exclusively to fund low carbon projects, such as the introduction of electric vehicles, on-site renewable energy generation and energy efficiency upgrades.

"The change this investment will bring about at CentrePort is exactly the type of innovative approach we need to meet our climate targets and leave behind a safer planet for our children and grandchildren," Shaw said.

Although the confirmation the feebate scheme won't pass through Cabinet during this term will come as a blow to Shaw and the Greens, the landmark Emissions Trading Scheme Bill passed its third reading this week.

Shaw, who was in charge of the bill, said the legislation would fix New Zealand's emissions trading scheme, turning it into one of the most effective tools we have to ensure a stable climate.