Given the urgency of reducing greenhouse gas emissions, a group is calling for the investigation of a more effective approach than the current Emissions Trading Scheme.
Degrowth Aotearoa New Zealand (DANZ) will present its petition with 722 signatures to investigate a fossil energy rationing scheme developed by a British economist, called Tradable Energy Quotas (TEQs).
The energy spokesperson for the Green Party Scott Willis will receive this from the petitioner, Deirdre Kent and others at 2pm on Friday 8 th December outside Parliament.
“The IPCC calls for dramatic reduction of fossil fuel use to ensure a safe climate, and it is now less profitable to extract the remaining fossil fuels.
In our view the surest, fairest, simplest and most certain way to do this is to ration fossil fuels via Tradable Energy Quotas (TEQs). For details see www.degrowth.nz/blog/teq.”, said Deirdre Kent
“This is a scheme that provides free quotas to all adults, and allows everyone to have their fair share of remaining fossil fuels, without artificially raising the prices of fossil energy. Businesses and other organizations would be required to purchase quotas ifthey cannot manage without fossil energy.
“The total number of quotas available would decline over a few years, resulting in a guaranteed reduction of greenhouse gas emissions. This makes TEQs compatible with the the “phase out” of fossil fuels currently being discussed at COP 28.
“With TEQs, businesses, local governments and households would all be pulling in the same direction. Because we will have lower rations of fossil fuels next year we all have to use our creativity to find solutions to life with less total energy”, she said.
“We want the government to acknowledge that price-based schemes like the ETS will never work because it is just rationing by ability to pay. Governments who care about the cost of living will always interfere to keep the price of petrol as low as possible or else they will be voted out.” TEQs do not increase fossil energy costs, removing that political barrier to an effective emissions reduction plan.