Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Coalition Warns Governments Against Emissions Cap


Climate Change Coalition Warns Governments Against Global Cap on Emissions

As the eleven thousand participants in the United Nations Climate Change Conference descend on Poznan, Poland, this week, a coalition of 50 civil society organisations from 38 countries is warning governments against opting for strategies that would “do little to protect humanity against the threat of climate change but would drastically increase the threat of global economic catastrophe.”

The Civil Society Coalition on Climate Change ( of which the New Zealand Business Roundtable is a member, has today released a new report with a stark message to governments about the economic flow-on effect, particularly on poorer countries, of adopting a global cap on emissions.

Describing the idea as “economic lunacy”, the report’s author, Professor Julian Morris, said a global cap would divert resources into “low carbon” technologies and away from more productive uses.

“This would slow economic growth and harm the ability of the poor to address the real problems they face every day, such as diseases, water scarcity, and inadequate nutrition”, said Professor Morris.

The report canvases policy options available to governments and concludes that adaptation, coupled with improving the institutions that enable economic growth, is likely to be the best response to gradual warming. It further suggests that one approach to addressing the remote but possible threat of catastrophic warming would be to incentivise investment in geoengineering, and advises governments ‘hell bent’ on limiting carbon emissions to consider a tax on emissions rather than a cap and trade scheme.

Business Roundtable executive director Roger Kerr said the report, titled Which Policy to Address Climate Change? was a timely and valuable addition to the debate on what constitutes an appropriate response to climate change.

“We have long held the view, as set out in the attached submission, that a cap and trade scheme of the type being considered in New Zealand would impose heavy costs on households, businesses and the economy. It is also likely to discourage investment and lead to losses in business confidence and jobs.

“It is to be hoped that common sense will prevail in Poznan and that a few European ministers will not succeed in imposing further pain on countries already struggling with much more serious problems”, said Mr Kerr.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Government: RSI ‘State Of The Nation’ Report Published
latest research, science and innovation system report card is now available, and outlines how the system is performing, Research, Science and Innovation Minister Megan Woods has announced. “The report seeks to increase transparency, act as a reliable data source and stimulate discussion... More>>

Fonterra: Increases 2021/22 Forecast Farmgate Milk Price

Fonterra Co-operative Group Limited today increased and narrowed its forecast Farmgate Milk Price range to NZD $7.90 - $8.90 per kgMS, from NZD $7.25 - $8.75 per kgMS. The midpoint of the range, which farmers are paid off, has increased to NZD $8.40 per kgMS, from NZD $8.00 per kgMS... More>>

Stats: Auckland’s Population Falls For The First Time
In the wake of the COVID-19 pandemic, New Zealand’s population growth slowed down with Auckland recording a population decline for the first time ever, Stats NZ said today. “New Zealand saw slowing population growth in all regions... More>>

Pamu & Westpac: Market-leading Sustainability-Linked Loan

Westpac NZ and Pāmu have signed New Zealand’s most comprehensive Sustainability-Linked Loan to date, also the largest in the agricultural sector, and the first involving a state-owned enterprise. Pāmu, also known as Landcorp, is New Zealand’s biggest farming business. It will borrow $85m from Westpac NZ over three years... More>>

Retail NZ: Some Good News In COVID Announcements, But Firm Dates Needed

Retail NZ is welcoming news that the Government is increasing financial support for businesses in light of the ongoing COVID-19 lockdown, and that retail will be able to open at all stages of the new “Covid Protection Framework... More>>

ComCom: Companies In Hot Water For Selling Unsafe Hot Water Bottles And Toys

A wholesaler and a retailer have been fined a total of $140,000 under the Fair Trading Act for selling hot water bottles and toys that did not comply with mandatory safety requirements. Paramount Merchandise Company Limited (Paramount) was fined $104,000 after pleading guilty in the Manukau District Court... More>>