ETS A Hollow Victory For All Sides
Press Release by ACT Leader John Banks
Thursday, August 23 2012
The Emissions Trading Scheme Amendment Bill – which passed its first reading today - is a hollow victory for all sides
that leaves an impossibly complex scheme for negligible environmental gain, ACT Leader John Banks said today.
“The amendment, if passed, will improve what we have, as it will reduce costs on New Zealand business and families, but
in truth we shouldn’t have it at all,” Mr Banks said.
“The Bill ensures that the one-for-two surrender ratio, the $25 per unit fixed price option, and the exclusion of
biological emissions will now continue indefinitely.
“ACT is proud to have done its part improving this bill. With the help of ACT’s lobbying, there will be no cap on the
number of units that New Zealand businesses can import from overseas. The effect is that New Zealand businesses will
never have to pay more than their competitors.
“Despite these improvements, the case for scrapping the ETS remains compelling.
“This 80 page amendment bill will minimise the worst costs of the ETS on New Zealanders but leave us with an impossibly
complex scheme that will have negligible effect on the environment.
“New Zealand emits 0.2 per cent of global emissions. We could not influence the climate one way or another if we wanted
“Some claim we are setting an example, but what example are we setting with an ineffectual scheme?
“Even the opposition parties who introduced the Emissions trading scheme appear to have given up.
“The Greens did not campaign on climate change last election. Perhaps their market research must have told them it’s a
“With the ACT Party’s pressure and support, this Bill will minimise the worst costs of the ETS on New Zealanders,
however removal would be a better option,” Mr Banks said.