Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Greenhouse gas problem - new model needed

17 October 2005

Greenhouse gas problem - new model needed

The Kyoto Protocol looks unlikely to last after 2012 and New Zealand should investigate other approaches for reducing greenhouse gas emissions.

Business NZ Chief Executive Phil O'Reilly says very few of the Kyoto countries will be able to meet their targets for emission reductions by the 2012 deadline.

"It seems the only countries meeting the targets will be those Eastern Bloc countries whose economies have declined after 1990, leaving them with huge carbon credits but little industry.

"This means there will be a lot of emissions trading and an inevitable increase in the price of carbon credits from countries like Russia, as New Zealand and other signatory countries struggle to meet their targets.

"The Castalia Report released today shows the hardship to the New Zealand economy from its Kyoto commitments will be immense.

"Carbon trading may be a useful mechanism to help reduce greenhouse gas emissions, but not in the way that the Kyoto Protocol specifies. We should also investigate the Asia-Pacific Partnership on Clean Development & Climate which the US, Australia, China, India, South Korea and Japan have signed up to, as it may provide an opportunity to tackle the greenhouse gas problem by developing new, clean technologies."

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Half A Billion Accounts: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Half Full: Fonterra Raises Forecast Payout As Global Supply Shrinks

Fonterra Cooperative Group, the dairy processor which will announce annual earnings tomorrow, hiked its forecast payout to farmers by 50 cents per kilogram of milk solids as global supply continues to decline, helping prop up dairy prices. More>>

ALSO:

Results:

Meat Trade: Silver Fern Farms Gets Green Light For Shanghai Maling Deal

The government has given the green light for China's Shanghai Maling Aquarius to acquire half of Silver Fern Farms, New Zealand's biggest meat company, with ministers satisfied it will deliver "substantial and identifiable benefit". More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news