26 May 2005

Potential $10.65 million Kyoto boost for Southland

This government's ratification of the Kyoto Protocol is set to result in clean, green power flowing to around another 25,000 homes. The proposed White Hills wind farm has been awarded 710,000 internationally tradable emissions units under the government's Projects to Reduce Emissions programme. If sold at $15 each they would be worth $10.65 million.

"This government is taking a responsible approach to climate change and managing our economy. The key to this is the ratification of the Kyoto Protocol. Under it we are transforming our economy for growth in a world where greenhouse gas emissions are priced," says Convenor of the Ministerial Group on Climate Change, Pete Hodgson.

"The Programme would not exist if we were not in Kyoto. It alone is forecast to help us save over 11 million tonnes of carbon dioxide emissions and has helped bring forward over 800 MW of power projects."

Meridian Energy's proposed project comprises 29 wind turbines to be sited near Lumsden. The scheme is forecast to offset the emission of around 794,063 tonnes of carbon dioxide between the years 2008 and 2012; the first commitment period of the Kyoto Protocol.

"By tackling climate change in this way, this scheme is helping to protect the environment and the unique Kiwi lifestyle for future generations. At the same time, it will help meet the power needs of our growing regional economy in a sustainable way."

Under the Programme, units are awarded to projects that lead to a net reduction in emissions against business as usual that would otherwise not go ahead and that are successful in a tender round. To date, 10 million units, which are internationally tradable, have been out for tender.

The proposal is subject to normal planning processes.

ENDS

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