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Budget Sets High Expectations For More To Come On Climate Action

Business leaders from the Sustainable Business Council (SBC) and the Climate Leaders Coalition (CLC) welcome the 2021 Budget announcement on climate action, noting that it sets high expectations for further commitments resulting from the imminent Emissions Reduction Plan, in next year’s budget.

Executive Director of the Sustainable Business Council Mike Burrell says, "We see today’s announcements as important initiatives to advance climate action in New Zealand.

"By quadrupling the funding to accelerate investment in low-carbon technology, allocating $24 million for agricultural greenhouse gas mitigation research and development, and committing $302 million to implement a regime to incentivise the uptake of low emissions vehicles, the Government has signalled a commitment to accelerate New Zealand’s climate transition.

"Our understanding is that the Government will respond to the Climate Change Commission’s final report through the Emissions Reduction Plan, so when this plan is released later this year, we expect further investment to be committed through the between-Budget contingency fund, and then significant investment in Budget 2022."

Mike Bennetts, Z Energy Chief Executive, and Climate Leaders Coalition Convenor says, "Today’s Budget takes important steps that are consistent with our recent recommendations to Government on climate action priorities and joint submission to the Climate Change Commission on their draft advice. We will continue to work closely with the government, and across the political spectrum, to maintain the momentum required to implement these recommendations."

The key recommendations are: investing in low carbon transport with a roadmap to accelerate fleet transformation; transitioning out process heat; creating an accelerated pathway for methane and nitrogen reduction technologies; building a New Zealand bioeconomy; and incentivising a significant scale-up of energy efficiency across the economy.

The businesses represented by the Sustainable Business Council and Climate Leaders Coalition are leading on climate action and look forward to working with government to develop the policies needed to achieve New Zealand’s zero carbon goal.

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