Hon David Parker
Minister Responsible for Climate Change Issues

5 May 2008 Media Statement

Kyoto liability will drop significantly thanks to ETS

The Treasury estimate of the cost of New Zealand’s international climate change obligations will soon drop significantly thanks to the impact of the emissions trading scheme and other measures, Climate Change Minister David Parker says.

Treasury updated its Crown accounts today with the latest exchange rate figures, which has taken the Kyoto liability to just over a billion dollars, the Minister said.

“This interim figure is a reminder of how New Zealand’s emissions would continue to grow without leadership from the government to make our country more sustainable.

“This is why the Labour-led government is proposing an emissions trading scheme, and has released the New Zealand Energy Strategy and New Zealand Energy Efficiency and Conservation Strategy.”

The calculation Treasury released today has not taken into account the effect of those policies, David Parker said.

“The Ministry for the Environment is very shortly to release an updated net position report, which is the basis for the Kyoto liability.

“This report will reduce the Kyoto liability dramatically, and demonstrate how we are making a real difference by reducing our emissions, with comprehensive, fair, and effective climate change policies.”

ENDS

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