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NZ's first Negotiated Greenhouse Agreement

New Zealand’s first Negotiated Greenhouse Agreement

The $180 million Future Fuels Project investment announced today by the New Zealand Refining Company (NZRC) is supported by the first successful Negotiated Greenhouse Agreement (NGA) to be put in place, Pete Hodgson, the Convenor of the Ministerial Group on Climate Change, said today.

NGAs provide an exemption to the proposed greenhouse gas emissions charge to be put in place from 2007. In exchange, firms commit to moving towards world’s best practice in emissions management.

NGAs are limited to firms or industries whose competitiveness is at risk from producers subject to less stringent climate change policies.

“Securing an NGA was critical to NZRC’s decision to continue investing in New Zealand,” Mr Hodgson said.

“This significant investment is required by the refinery to achieve the lower petrol benzene and diesel sulphur levels that are required as a result of the new Petroleum Products Specifications Regulations.”

Mr Hodgson said the agreement was a significant example of Government and business working together to achieve a balanced outcome for New Zealand.

“The Government has made a decision to move towards cleaner fuels and NZRC has responded.

“This investment will help our environment in two ways. In moving towards world best practice emissions management the refinery will reduce greenhouse gas emissions from the refining process. By producing higher quality petrol and diesel it will enable New Zealanders to use vehicles with more advanced, cleaner engine technologies.”

Mr Hodgson said NZRC’s Negotiated Greenhouse Agreement represented a success in preserving economic activity in New Zealand while supporting international efforts to halt global warming.

“The realisation of the NGA is a significant step in policy implementation and the Government appreciates the goodwill of the company in making it happen.”

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