Gordon Campbell | Parliament TV | Parliament Today | News Video | Crime | Employers | Housing | Immigration | Legal | Local Govt. | Maori | Welfare | Unions | Youth | Search

 

Kyoto Liability Revised Upwards

Kyoto Liability Revised Upwards

New Zealand's Kyoto liability for breaching its greenhouse gas emission reduction targets has climbed a further $252 million to nearly $1 billion, according to Treasury’s latest calculations.

The new figures are based on a carbon price of just over $21 a tonne, bringing the forecast liability to $966 million, which is still on the conservative side, according to the Greenhouse Policy Coalition.

The Greenhouse Policy Coalition represents large industrial employers in New Zealand, who are monitoring the cost of carbon closely.

Catherine Beard, executive director of the Greenhouse Policy Coalition says since the emissions trading scheme was announced on 20th September, the Treasury has revised the cost of carbon up by 35% (from NZ$15-21) but even this was an optimistic price.

“Good quality carbon credits are currently trading at NZ$32.00, and the only way the government can come up with a lower figure is if they take a portfolio approach to buying credits – with some that are at greater risk of non-delivery and therefore cheaper to buy”.

Catherine Beard said in a mandatory market with heavy penalties for non-compliance, the private sector was unlikely to have that luxury and would need to go for certainty of credit delivery, which pushed companies to the expensive end of the carbon credit project market.

“It was not that long ago when the carbon tax policy was to be enacted that a price cap of $NZ25/tonne CO2 was considered to be appropriate, because anything above that would be detrimental to the economy.”

“Now we are contemplating prices in the region of NZ $32/tonne and rising and yet there is no serious provision for capping the price in the recently released Climate Change (Emissions Trading and Renewable Preference) Bill.”

Catherine Beard said like Australia, we should be considering a price safety valve that caps the price of carbon to a level acceptable to our economy in order to prevent significant economic damage.

ENDS

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines


Gordon Campbell: On Why The Greens Shouldn’t Join The Government

We know she’s a miracle worker, but can Jacinda Ardern really find a cure for capitalism? Tough job. Especially when Ardern is being expected to fix the effects of capitalism – child poverty, unaffordable housing, social inequality – without radically changing the economic structures that keep on generating those outcomes. Unfortunately, Ardern and her Finance Minister Grant Robertson are not by temperament (or by ideology) radical, risk taking politicians... 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>>

ALSO:

Poll: Labour On 46%, National 31%, While Greens And ACT Both On 8%

Tonight's political poll puts Labour on 46 percent and National on 31 percent with just one day remaining until election day. More>>

ALSO:

NZ First: Winston Peters Returns To Tauranga In Final Campaign Sprint

NZ First leader Winston Peters is on the final campaign sprint after a marathon tour of the whole country as he fights for his political survival, writes Jo Moir. More>>

ALSO:

Election: Labour Releases Full Manifesto

The Labour Party Manifesto sets the ongoing COVID recovery as the top priority for Government. More>>

ALSO:


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>>

ALSO:

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>>

Gordon Campbell: On Four-Year Terms Of Parliament, And On How The US Courts Are Dismantling Democracy

Last week, the issue of four-year parliamentary terms surfaced again. Infuriatingly, it is being discussed purely in terms of its convenience for political parties. They’d get so much more time to enact their policies, free of scrutiny or sanction by voters ... More>>

ALSO:

 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels