Treasury says failure to cut emissions could cost $34,000 per household

The Sustainability Council has obtained figures previously redacted from a Treasury climate briefing which shows that the cost of failing to take action to cut New Zealand’s greenhouse gas emissions is between $3 billion and $52 billion from 2021 to 2030. The Treasury report identifies the cost of buying credits to cover a target of a 5 percent reduction below 1990 levels for the 2021-2030 period at a price of between $10 and $165 a tonne.

Treasury figures, released by the Sustainability Council today, show failing to take action to cut greenhouse gas emissions will cost between $2,000 and $34,000 per household, the Green Party said.

 

The Sustainability Council has obtained figures previously redacted from a Treasury climate briefing which shows that the cost of failing to take action to cut New Zealand’s greenhouse gas emissions is between $3 billion and $52 billion from 2021 to 2030. The Treasury report identifies the cost of buying credits to cover a target of a 5 percent reduction below 1990 levels for the 2021-2030 period at a price of between $10 and $165 a tonne.

 

“New Zealand families can’t afford the cost of inaction,” Green Party Co-leader Dr Russel Norman said today.

 

“We’re not doing our fair share, the National Government has no plan, and we are on the wrong track.

 

“The longer we delay taking real action on climate change, the higher the cost New Zealand families will pay.

 

“We can take action on climate change that will reduce our emissions and save households money. The Green Party’s Climate Tax Cut plan released in June would cut New Zealand’s emissions by putting a price on carbon, and recycle the revenue into tax cuts for kiwi families.

 

“These figures show continuing to rely on buying offsets for New Zealand’s increasing emissions is not an option.

 

“We need a plan to reduce emissions, not more hot air from National Ministers claiming we are on the right track,” said Dr Norman.

Latest Environment Announcements

Story

Green Party calls for stronger action by Auckland Council to protect urban trees and native forest

The Green Party is calling on Auckland Council to do more to protect urban trees and housing developer Aedifice Property Group to restore and repla...
Read More

Story

You *wood* not believe it: Greens secure win for urban trees

The Green Party’s advocacy has secured an amendment to the Natural and Built Environment Bill at a crucial stage of the Parliamentary process to en...
Read More

Story

Forestry sector must compensate for slash damage

The Green Party welcomes today’s release of the report of the Ministerial Inquiry into slash and sediment, and are clear that the forestry industry...
Read More

Story

Greens launch petition to protect conservation lands from mining by Mineralogy International Limited

The Green Party has today launched a petition calling for conservation land to be protected from mining by big overseas companies such as Mineralog...
Read More

Story

National's drought of ideas won't help farmers facing climate change

Christopher Luxon and the National Party have once again presented another lazy, back-of-the-napkin policy to Aotearoa.
Read More

Story

Freshwater crisis needs stronger government action

New Zealand’s rivers, lakes and freshwater are in crisis and there needs to be a more ambitious Government plan to clean them up and protect agains...
Read More