Doing our fair share on climate change

The entry of transport fuels, electricity and industry into the emissions trading scheme tomorrow marks an important step in New Zealand doing its fair share on climate change, Climate Change Minister Nick Smith says.

“New Zealand’s emissions per person are among the highest in the world and are growing at one of the fastest rates among developed countries,” Dr Smith said. “The ETS is the most efficient and least cost way to bring emissions under control, meet our international obligations and protect New Zealand’s clean, green brand.

“The ETS means those who emit carbon dioxide into the atmosphere from a vehicle, power station or factory will pay $12.50 per tonne from tomorrow. Those who plant trees and absorb CO2 receive $25 per tonne.

“The benefits of the ETS are that it will drive investment in renewable electricity, forestry and energy efficiency and reduce New Zealand’s emissions by 19 million tonnes by 2012.

“The Government has been mindful of the cost impact on households and businesses, particularly through recessionary times. The changes we made last year halved the power price impact from 10% to 5% and the cost of petrol and diesel from 7 cents to 3.5 cents/litre. The total cost for the average New Zealand household is $3.17 a week or $165 a year.

“It is important New Zealand does its fair share on climate change but we don’t want to get out of step with the rest of the world. That is why there will be a review of the ETS next year, and at regular intervals thereafter, so we can reassess our approach relative to international progress and the latest science.

“Our moderate ETS is the sensible way for New Zealand to make progress on climate change.”

ENDS

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