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Govt reveals new cap, emissions budget, in ETS reform

Govt reveals new cap, emissions budget, in ETS reform

Field Notes, powered by KPMG, is a weekly news update on news nationally and globally from the agri-food sector.

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Ian Proudfoot

Global Head of Agribusiness, Partner - Audit

KPMG in New Zealand

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[02 June, Jamie Morton, The Country]

The Government have announced changes to the Emissions Trading Scheme (ETS) to help fight climate change. The changes include setting a cap of 160 million tonnes of CO2-equivalent greenhouse gases over 2021 to 2025, along with a provisional emission budget for the same period of 354 million tonnes. Other changes include price controls to act as a backstop when auctioning is introduced, and participants will receive access to the fixed price option to cover 2020 emissions. The second reading will occur in parliament today, with tweaks such as the inclusion of permanent forests in the ETS. Climate Change Minister James Shaw reports that the announced reforms would give businesses and foresters the certainty they'd been asking for. The Government is developing an on-farm emissions pricing system outside of the ETS for the agriculture sector, but if that failed, the sector would be brought into the scheme. Greenpeace's Executive Director, Russel Norman, argued that keeping agriculture out of the ETS was an oversight and will set the scheme up to fail.


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