Canberra Times
Friday 2/7/2010 Page: 11
New Zealand launched an emissions trading scheme yesterday in a bid to curb the greenhouse gases responsible for climate change but the scheme has angered both businesses and environmentalists. Energy, transport and manufacturing industries will have to start paying for their emissions of gases such as CO2 and methane, which have risen 23% in New Zealand since 1990. Prices for fuel and electricity will rise, with the Government estimating households will pay an extra $NZ5 ($A4.15) a week, although some critics say this estimate is far too low.
Businesses say the extra costs of the scheme will hurt them, while environmentalists say those costs are too low to encourage emission cuts. But Climate Change Minister Nick Smith said the emissions trading scheme balanced the need to cut emissions without damaging the economy. "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 most cost-effective way to bring emissions under control, meet our international obligations and protect New Zealand's clean, green brand."
The scheme would drive investment in renewable energy, forestry and energy efficiency and reduce emissions, he said. Under the scheme, polluting industries will have to buy credits for their emissions of CO2 or other greenhouse gases, while businesses that reduce the amount of greenhouse gases in the atmosphere - mainly forest owners - will earn credits that can be sold to polluters. The scheme offers a transition period for polluting industries, with the Government offering subsidies for several years, and agriculture - responsible for nearly half of emissions - to come under the ETS in 2015.
Opposition leader Phil Goff and environmental groups including Greenpeace said the low costs to industries meant there were minimal incentives for industries to cut emissions. But exporters, represented by the Greenhouse Policy Coalition, said they would be at a disadvantage because of the ETS. Executive director David Venables said, "From today, New Zealand companies competing in overseas markets where there is no price on carbon... will be at a clear disadvantage." New Zealand is one of 29 countries - Ettropean Union nations snaking tip most of the rest - with emissions trading schemes.
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