Treasury says failure to cut emissions could cost $34,000 per household

Treasury figures, released by the Sustainability Council today, show failing to take action to cut greenhouse gas emissions will cost between $2,000 and $34,000 per household, the Green Party said.

The Sustainability Council has obtained figures previously redacted from a Treasury climate briefing which shows that the cost of failing to take action to cut New Zealand’s greenhouse gas emissions is between $3 billion and $52 billion from 2021 to 2030. The Treasury report identifies the cost of buying credits to cover a target of a 5 percent reduction below 1990 levels for the 2021-2030 period at a price of between $10 and $165 a tonne.

“New Zealand families can’t afford the cost of inaction,” Green Party Co-leader Dr Russel Norman said today.

“We’re not doing our fair share, the National Government has no plan, and we are on the wrong track.

“The longer we delay taking real action on climate change, the higher the cost New Zealand families will pay.

“We can take action on climate change that will reduce our emissions and save households money. The Green Party’s Climate Tax Cut plan released in June would cut New Zealand’s emissions by putting a price on carbon, and recycle the revenue into tax cuts for kiwi families.

“These figures show continuing to rely on buying offsets for New Zealand’s increasing emissions is not an option.

“We need a plan to reduce emissions, not more hot air from National Ministers claiming we are on the right track,” said Dr Norman.

New Zealand climate facts:
· Currently fifth highest emissions per capita in the OECD and they are increasing. [1]

· 20 percent increase in net emissions under National. [2]

· A recent Ministry for Environment report shows a 50 percent increase in NZ’s projected net emissions in the next decade. [3]

· Advice from officials is that the gap between our reduction commitments and reality is widening. [4]

· Ministry for the Environment briefing indicating New Zealand is currently on track to miss our 2050 emissions reduction target. [5]

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