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

 

Zero Carbon Bill welcomed

The Petroleum Exploration and Production Association of New Zealand (PEPANZ) has welcomed the near unanimous passage of the Zero Carbon Bill into law.

"Our industry supports global efforts to lower emissions and we are a big part of the solution," says PEPANZ spokesman Phil Rennie.

"Natural gas provides options and encourage electrification by keeping the cost of electricity down, as confirmed by the Interim Climate Change Committee this year.

"Keeping the lights on and showers hot while delivering a just and affordable transition to net zero carbon goals are crucial to maintaining a prosperous economy and the well-being of all New Zealanders.

"Now the Climate Change Commission (CCC) will have a major job ahead as it develops and executes its first three five-year emission budgets. This is part of our collective economic, social and environmental journey towards a low emissions economy.

"We look to the CCC to be dispassionate and evidence-based in its pursuit of its work and expect this to include an assessment of carbon capture and storage. This technology has been proven to be economic elsewhere in the world and we need a regulatory regime to specifically enable it in New Zealand.

"It’s also important to align our efforts with trade competitors, otherwise industries could shift activity overseas to use higher emitting fuels which would be a lose-lose for the economy and environment.

"We therefore strongly support the use of quality international credits. This would mean that global emissions can be reduced in the most effective and least costly ways possible.

"It’s also important to align our efforts with trade competitors, otherwise industries could shift activity overseas to use higher emitting fuels which would be a lose-lose for the economy and environment.

"We look forward to engaging with the CCC, the Government and others in an on-going conversation about the role of the entire New Zealand energy system in achieving the goal set out in the Zero Carbon Bill."

ENDS


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Primary Sector Council Report: Vision To Unite The Primary Sector Launched

Agriculture Minister Damien O’Connor has welcomed the release of a bold new vision for the country’s vital food and fibre sector. More>>

ALSO:

Crown Accounts: Treasury HYEFU Sees Deficit Then Rising Surpluses

An operating balance before gains and losses deficit of $0.9 billion is forecast in the current year, before returning to a small surplus in 2020/21 which then grows to reach $5.9 billion (1.5% of GDP) in 2023/24. More>>

ALSO:

Fuels Rushing In: Govt "Ready To Act" On Petrol Market Report

The Government will now take the Commerce Commission’s recommendations to Cabinet...
• A more transparent wholesale pricing regime • Greater contractual freedoms and fairer terms • Introducing an enforceable industry code of conduct • Improve transparency of premium grade fuel pricing... More>>

ALSO:

Reserve Bank Capital Review Decision: Increased Bank Capital Requirements

Governor Adrian Orr said the decisions to increase capital requirements are about making the banking system safer for all New Zealanders, and will ensure bank owners have a meaningful stake in their businesses. More>>

ALSO: