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Major International Financial Institutions Call for Net Zero Carbon by 2050 – Generation Zero

A new OECD report calling for a level of ambition needed to move countries towards net zero carbon emissions from fossil fuel combustion echoes what Generation Zero and other young New Zealanders have been saying for some time.

The international report released by the OECD calls for a coherent and consistent pricing approach to carbon as the best way to achieve zero carbon emissions from fossil fuel combustion. This approach would keep the world’s temperature increase below the internationally agreed limit of two degrees Celsius.

International financial institutions, the World Bank and the International Monetary Fund, have also weighed in at a recent meeting, supporting carbon prices in different countries to reach required emissions reductions.

Generation Zero spokesperson, Paul Young, says that it is significant to see some of the largest global financial institutions sharing Generation Zero’s sense of urgency around taking action to reduce emissions.

“We’re listening carefully to what respected and senior people in the relevant fields of economics and climate science are saying—what we’re hearing from all quarters is that we need to act, and we need to act quickly”.

“The evidence supporting the case for swift action on climate change is growing stronger every day,” he says.

The IMF echoed findings of the OECD report on the importance of a carbon tax, and also stressed the importance of removing fossil fuel subsidies.

A recent report by the World Wildlife Fund showed that New Zealand currently provides subsidies for exploration of fossil fuel mining of 17 million.

“New Zealand has a long way to go in this regard,” says Mr Young.

“We need to end exploration subsidies for fossil fuels and implement a decent price on carbon. This will send the right long term price signals to consumer and businesses in order to assist investment in a thriving, clean, economy.”

“The time to start is now”.

ENDS

[Link to WWF report here].

[Link to OECD report here].

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Trial Over 'Anonymous' Donations: John Banks Resigns As Minister

ACT Leader John Banks today confirmed that he has stood down from his Ministerial positions following today’s decision at the Auckland District Court.

“Last week I indicated to the Prime Minister’s Chief of Staff that I would offer my resignation should the matter relating to my 2010 Mayoral Electoral return be committed to trial,” Mr Banks said...

“I intend to continue in my role as ACT Leader and MP for Epsom, and ACT will continue to support National on matters of confidence and supply. More>>