INDEPENDENT NEWS

NZ on target to meet its Kyoto commitments

Published: Thu 12 Apr 2012 05:24 PM
Hon Tim Groser
Minister for Climate Change Issues
12 April 2012
Media Statement
NZ on target to meet its Kyoto commitments
Minister for Climate Change Issues, Tim Groser, today welcomed the release of our latest Net Position showing that New Zealand is on track to meet its Kyoto commitments.
“The Net Position forecasts how much our emissions will be above or below our Kyoto Protocol target of reducing greenhouse gas emissions to 1990 levels,” Mr Groser said.
"The good news is that the latest Net Position estimates New Zealand will have a surplus of 23.1 million tonnes for the Kyoto Period of 2008-2012. In 2011 the net position figure was estimated to be 21.9 million tonnes.
This means that our net emissions are estimated to be 23.1 million tonnes less than our Kyoto target and at the current carbon price of NZ$8.20/tonne this surplus has an estimated value of NZ $189 million,” said Mr Groser.
The Greenhouse Gas Inventory 1990 – 2010 which fulfils our reporting requirements under the United Nations Framework Convention on Climate Change was also released today.
The Greenhouse Gas Inventory shows New Zealand's gross emissions in 2010 increased by only 0.2 percent from 2009, to 71.7 million tonnes.
“I am particularly pleased to see emission reductions in the electricity sector are being driven by increased renewable generation and more gas being used rather than coal. This supports the Government view that the moderated ETS is providing a clear price signal to the market.” Mr Groser said.
ENDS

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