Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search


Fishhooks in emissions trading review

31 October 2007

Fishhooks in emissions trading review - Business NZ

A review by the International Energy Agency of New Zealand's proposed emissions trading scheme is not the glowing endorsement it appears to be, says Business NZ.

While it is being promoted as "praise" and a "positive review", there are in fact two big fishhooks in the review, says Business NZ energy analyst George Riddell.

"The first is the impact of 'hot air' credits on the price of carbon, making it much higher than the Government estimates. A higher than estimated price for carbon will mean a more negative economic impact on all New Zealanders than has so far been acknowledged.*

"The second relates to timing. The IEA's analysis was of the NZ Government's Framework Document which contains no information on the proposed timetable for implementation. The IAE correspondence indicates an assumption that our trading system will be developed over a period of years instead of only a few months. Business NZ would be interested to hear the IEA's view on the actual timeframe being adopted by the NZ Government.

"With those two caveats, the IEA's review is far less rosy than New Zealand would wish.

"We agree there are opportunities from a less carbon intense future and business has been in support of carbon trading for some time but the risks from a rushed introduction are major. More care and time are needed to get a workable system," Mr Riddell said.

*So-called 'hot air' credits are the credits that were allocated to Russia and the Ukraine for industries that have since collapsed, destroying the value attached to the credits. 'Hot air' credits are not accepted in the European trading system, with which New Zealand will seek to be integrated. It is the trading of the 'hot air' that the NZ Government and officials have indicated will keep the price of carbon low in the NZ market. Losing this opportunity would see New Zealand facing a much higher price than estimated by the Government.


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On How The US Supreme Court Is Undermining American Democracy

If Joe Biden is elected President next week, here comes the bad news. If Biden tries to defend Obamacare, combat climate change (via say, a variant of the Green New Deal) or tries to improve the access of US women to abortion services , he will run afoul of a Supreme Court dominated by judges likely to rule that such matters must be left to the states like Missouri and Alabama to manage as they see fit. Meaning: Even if Biden had a radical agenda, this would be unlikely to survive the current bench on the Supreme Court... More>>


Gordon Campbell: On National Being Shafted By Its Own Creation

As it licks its wounds, let’s hope the National Party can still find time to look back with some pride at what it has achieved in Epsom. The Act Party’s nationwide success on Saturday night has been a tribute to National’s foresight, and to its ... More>>


Green Party: 'Fruitful Discussions ... Further Discussions To Have'

The Green Party says there is a negotiation going on with the Labour Party, but there are more discussions to be had. More>>


Border: No Changes To Border Exemptions After Fishing Crew Test Covid-19 Positive

The cases were detected after routine day three testing but the immigration minister and air commodore agree there's no need to change border exemptions. More>>

PSA: Labour-Led Government Has Mandate For Transformation, Equality And Transparency

The Public Service Association welcomes the progressive electoral landslide New Zealand voters delivered on Saturday, and the union says its members look forward to implementing policies that reduce poverty and inequality, support affordable housing ... More>>


Election: ParityBOT_NZ Processed Nearly 200,000 Tweets To Find And Fight Online Abuse Over The NZ Election

Auckland, New Zealand: Of the almost 200,000 tweets directed at women candidates that Areto Labs’ proprietary election Twitter bot, ParityBOT_NZ, processed over the New Zealand election period, nearly 4,000 were classified as toxic and triggered ... More>>

Stats NZ: New Report Shows Significant Changes To New Zealand’s Climate

Climate change is already happening in New Zealand and could have a profound impact on future generations of New Zealanders, a new report from the Ministry for the Environment and Stats NZ says. Our atmosphere and climate 2020 , released today, includes analysis ... More>>


Judith Collins: Obese People Must Take Responsibility For 'personal Choices'

National Party leader Judith Collins has described obesity as a weakness and says people should not 'blame systems for personal choices'. More>>

Māori Party: Poll Reveals Tamihere On Cusp Of Historic Māori Movement Election Victory

John Tamihere’s election campaign is on the rise and on track to return the Māori Party to parliament, a new Māori TV poll has revealed. The poll released on 11 October during the seventh and final Māori TV Maori Electoral campaign coverage has Tamihere ... More>>




InfoPages News Channels