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Updated emission balance for Kyoto released

Hon David Parker
Minister Responsible for Climate Change Issues


18 July 2006
Media statement

Updated emission balance for Kyoto released

Minister Responsible for Climate Change Issues David Parker today released the latest projected carbon balance for the first commitment period of the Kyoto Protocol of 2008-2012.

The balance, also known as the net position, is estimated at a deficit of 41.2 million tonnes of carbon dioxide equivalent. This is a decrease from the 64 million tonnes deficit reported in the Crown financial statements in December last year.

"The projection of the balance is volatile and I expect it will continue to change over the next few years. One certainty is that there is climate change coming and we have to adapt to that."

Mr Parker said the lower deficit was mainly due to the impacts of higher energy prices.

"Higher oil prices in particular have meant people are expected to use less fuel, resulting in lower carbon emissions. There have also been reductions in the net balance deficit because of better projections of the heavy industry sector and some refinements of the nitrogen fertilizer application projections."

Mr Parker said he expected that the climate change work programme announced earlier this month would result in policies that would shape New Zealand's long-term response to climate change and are expected to improve the net carbon balance under the Kyoto Protocol.

The full amount of the projected liability for last year's projection of 64 million tonn es is already reflected in the Crown accounts, in accordance with accounting standards. The downward adjustment is expected to be incorporated in the Crown financial statements as at 30 June 2006, due to be published in September.


ENDS

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