Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 


Taxpayers subsidising millions in pollution under ETS

Govt admits taxpayers subsidising millions of dollars of pollution under ETS

It has been revealed in Parliament today that taxpayers are paying millions of dollars for companies to pollute under the Government’s failed emissions trading scheme (ETS), the Green Party said today.

“The Government has admitted that hundreds of millions of dollars of carbon units have been handed out for free to big polluters, who have profited from them at the taxpayers’ expense,” said Green Party Co-leader Dr Russel Norman.

“Climate Change Minister Tim Groser was explicit that the ETS was designed to allow companies to ‘maximise their fiscal position’.”

Last year, 34 million free units were given away to large polluting companies under the ETS, worth, on average current market value, $165 million. A total of $1.36 billion worth of taxpayer-funded units have been given away between 2010 and June 2014.

The companies then surrender much cheaper international units to meet their emissions obligations under the ETS, either banking the more valuable NZ units or selling them for profit.

“The Government may have closed the legal loophole allowing post-1989 foresters to manipulate the ETS, but this leaves other sectors still gaming the system, and being funded by taxpayers to pollute,” said Dr Norman.

“Carbon traders tell us some of these companies have been making huge profits, with zero positive impact on the climate.

“Meanwhile this is all top secret. Taxpayers are not entitled to know which companies are receiving the hand-outs and to what tune.

“This is another example of National’s cosy back-room dealings with big business at the expense or ordinary New Zealanders.

“The Government needs to come clean and admit taxpayers are basically paying for these companies to profit from trashing the climate.”

According to the Government’s own figures, New Zealand’s net emissions are projected to rise by 50 percent in the next decade.

Experts have said the ETS is holding back New Zealand’s transition to a low carbon economy.

“The ETS has been a monumental failure. It was designed to incentivise emission reductions, investment in clean technology, and the planting of trees,” said Dr Norman.

“It has done none of these things, yet taxpayers continue to pick up the bill for it.”

Ends

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

Labour's 'Future Of Work': Major Reform Of Careers And Apprenticeships

The next Labour Government will transform careers advice in high schools to ensure every student has a personalised career plan, Leader of the Opposition Andrew Little says. More>>

ALSO:

State Investments Management: Treasury Likes IRD, Not Education Or Corrections

The Inland Revenue Department has scored an 'A' in the first tranche of the Treasury's investor confidence rating for state agencies that manage significant Crown investments and assets, gaining greater autonomy as a result, while the Corrections and Education ministries gained a 'C' rating. More>>

ALSO:

Govt Goal: NZ To Be "Predator Free" By 2050

Prime Minister John Key has today announced the Government has adopted the goal of New Zealand becoming Predator Free by 2050... “That’s why we have adopted this goal. Our ambition is that by 2050 every single part of New Zealand will be completely free of rats, stoats and possums." More>>

ALSO:

Gordon Campbell: On The IOC’s Treatment Of Russian Sport, And Lone Wolf Terrorism

A blanket ban on Russian athletes would also have exposed the IOC to criticism that its treatment of Russia would have been marked contrast to its treatment say, of the track and field team from Kenya – a country about which the IOC has very similar doping concerns. More>>

ALSO:

Sounds Like A Plan: Auckland Council Receives Unitary Plan Recommendations

A key milestone in New Zealand planning history was reached today when the Independent Hearings Panel delivered the reports containing its recommendations on the Proposed Auckland Unitary Plan. More>>

ALSO:

National Park Expansion: Forests And Coast Of Kahurangi Protected

Five parcels of high value land totalling more than 890 hectares have been formally gazetted as part of the National Park. More>>

ALSO:

PPP Go-Ahead: SkyPath Gets Unanimous Support

Auckland’s SkyPath project has been given the go-ahead to be delivered through a public private partnership, after a unanimous decision at today’s Finance and Performance Committee. More>>

ALSO:

Gordon Campbell: On The Reserve Bank, The UN Shortlist, And Trump

Can there really be there any link between the US presidential elections and yesterday’s RBNZ signals on interest rates and the NZ dollar? Well, maybe. And it would be this: the improving US economy is reportedly putting a tailwind behind the US dollar, and rendering the actions of our Reserve Bank virtually irrelevant. More>>

ALSO:

Gordon Campbell: On What John Key Should Be Asking Joe Biden

No doubt, US Vice-President Joe Biden will be updating Prime Minister John Key on the chances of a TPP vote taking place in the ‘ lame duck’ session of Congress that’s held between the November’s election and the inauguration of a new President in January. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news