The Government's proposed Emissions Trading Scheme is well designed but will take years to have much effect on our greenhouse emissions, and meanwhile, world levels are skyrocketing to dangerous levels, Green Party Co-Leader Jeanette Fitzsimons says. "There is no sense of urgency in this proposal. It is clever, and avoids a lot of fishhooks, but it does not reflect the sobering advice of climate scientists that we have just 10 years to put our emissions on a downward path to avoid dangerous levels of warming. "Users of coal, gas and electricity get off scot-free till nearly half way through the first Kyoto commitment period, with no obligations till 2010, and the whole farming sector, which produces half our emissions, is totally exempt until after the first Kyoto period ends. "The taxpayer does not stop subsidising emitters until 2025, and subsidises the highly profitable dairy sector 100 percent through the five years of our Kyoto obligations. This is a huge wealth transfer from ordinary households and small business to Fonterra, and to farmers who are already getting an average windfall milk payment of $250,000 this year," Ms Fitzsimons says. "The Greens welcome the underlying design of the scheme, which takes a number of features from our climate change policy we released in March." The two important design features are:

• New Zealand emissions units will be fully backed by Kyoto units so the price here will be the international price — for those who will actually have to pay it.
• The 'point of obligation' to purchase units is 'upstream' — oil companies and electricity generators will purchase units and pass on the cost to their customers. This saves most people from getting involved in the complex issue of carbon trading.

"Never-the-less, despite the scheme's good points, by the time it is fully operational it may be too late for the climate," Ms Fitzsimons says.