Gordon Campbell | Parliament TV | Parliament Today | News Video | Crime | Employers | Housing | Immigration | Legal | Local Govt. | Maori | Welfare | Unions | Youth | Search


Kyoto Liability Revised Upwards

Kyoto Liability Revised Upwards

New Zealand's Kyoto liability for breaching its greenhouse gas emission reduction targets has climbed a further $252 million to nearly $1 billion, according to Treasury’s latest calculations.

The new figures are based on a carbon price of just over $21 a tonne, bringing the forecast liability to $966 million, which is still on the conservative side, according to the Greenhouse Policy Coalition.

The Greenhouse Policy Coalition represents large industrial employers in New Zealand, who are monitoring the cost of carbon closely.

Catherine Beard, executive director of the Greenhouse Policy Coalition says since the emissions trading scheme was announced on 20th September, the Treasury has revised the cost of carbon up by 35% (from NZ$15-21) but even this was an optimistic price.

“Good quality carbon credits are currently trading at NZ$32.00, and the only way the government can come up with a lower figure is if they take a portfolio approach to buying credits – with some that are at greater risk of non-delivery and therefore cheaper to buy”.

Catherine Beard said in a mandatory market with heavy penalties for non-compliance, the private sector was unlikely to have that luxury and would need to go for certainty of credit delivery, which pushed companies to the expensive end of the carbon credit project market.

“It was not that long ago when the carbon tax policy was to be enacted that a price cap of $NZ25/tonne CO2 was considered to be appropriate, because anything above that would be detrimental to the economy.”

“Now we are contemplating prices in the region of NZ $32/tonne and rising and yet there is no serious provision for capping the price in the recently released Climate Change (Emissions Trading and Renewable Preference) Bill.”

Catherine Beard said like Australia, we should be considering a price safety valve that caps the price of carbon to a level acceptable to our economy in order to prevent significant economic damage.


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The Peters/Ardern Triumph

There are a lot of good reasons to feel joyful about this outcome. It is what so many young voters – the best hope for the country’s future – wanted.

Far more important than the implications for the Economy Gods (is the dollar up or down?) the outcome will also mean many, many vulnerable New Zealanders will have a better life over the next three years at least.

Yet the desire for change was in the majority, across the country..>>>More


Labour on its agreement |Peters: Post-Election Announcement Speech | Greenpeace “cautiously hopeful” about new Government | ACT - Madman on the loose | E tū ecstatic | Chamber welcomes the outcome | Greens on their joining Govt | EDS welcomes new govt | Immigrant groups worry | Feds ready to engage new coalition government | Labour Ministers of the Crown announced


Negotiations: What Does Winston Peters Want His Legacy To Be?

A lot of people in New Zealand seem to resent Winston Peters and the power that he appears to have. “Appears” being the operative word.. More>>


Contains Highly Colloquial Language: Your F**king Guide To Government Formation

The following message is in no way endorsed by the Electoral Commission. They are f**king done with this election. More>>

Climate: Increasing Greenhouse Emissions Hit NZ

New Zealand is seeing impacts of excess greenhouse gas emissions in our climate and oceans, according to the latest national report from the Ministry for the Environment and Stats NZ about the state of the atmosphere and climate…More>>


Wellington.Scoop: Arrests At Blockade Of "Weapons Expo"

“We encourage people in Wellington to get down to the Westpac Stadium now for a day of awesome peace action. There will be plenty of food, music and activities to keep us sustained through the day.” More>>


Rorschach Restructuring: PSA Taking Inland Revenue To Court Over Psychometrics

The Public Service Association will be seeing Inland Revenue in Employment Court over its intention to psychometrically test employees reapplying for their roles at the department as part of its controversial Business Transformation restructuring plan. More>>


Nuclear Disarmament: Nobel Peace Prize 2017 Awarded To ICAN

Congratulations from iCAN Aotearoa New Zealand to international iCAN, the other iCAN national campaigns and partner organisations, and the countless organisations and individuals who have worked so hard for a nuclear weapons-free world since 1945. More>>





Featured InfoPages

Opening the Election