Zero Carbon Bill welcomed

The Petroleum Exploration and Production Association of New Zealand (PEPANZ) has welcomed the near unanimous passage of the Zero Carbon Bill into law.

"Our industry supports global efforts to lower emissions and we are a big part of the solution," says PEPANZ spokesman Phil Rennie.

"Natural gas provides options and encourage electrification by keeping the cost of electricity down, as confirmed by the Interim Climate Change Committee this year.

"Keeping the lights on and showers hot while delivering a just and affordable transition to net zero carbon goals are crucial to maintaining a prosperous economy and the well-being of all New Zealanders.

"Now the Climate Change Commission (CCC) will have a major job ahead as it develops and executes its first three five-year emission budgets. This is part of our collective economic, social and environmental journey towards a low emissions economy.

"We look to the CCC to be dispassionate and evidence-based in its pursuit of its work and expect this to include an assessment of carbon capture and storage. This technology has been proven to be economic elsewhere in the world and we need a regulatory regime to specifically enable it in New Zealand.

"It’s also important to align our efforts with trade competitors, otherwise industries could shift activity overseas to use higher emitting fuels which would be a lose-lose for the economy and environment.

"We therefore strongly support the use of quality international credits. This would mean that global emissions can be reduced in the most effective and least costly ways possible.

"It’s also important to align our efforts with trade competitors, otherwise industries could shift activity overseas to use higher emitting fuels which would be a lose-lose for the economy and environment.

"We look forward to engaging with the CCC, the Government and others in an on-going conversation about the role of the entire New Zealand energy system in achieving the goal set out in the Zero Carbon Bill."

ENDS

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