The cost to the New Zealand economy to meet Paris Agreement targets will be $1.4 billion every year for a decade.
But that money won’t be spent on reducing New Zealand’s domestic emissions – it’ll go towards paying other countries to reduce their emissions.
In documents released under the Official Information Act, a briefing to Judith Collins on her first day as Energy Minister says the cost to the economy of buying international carbon units to offset our own emissions will be $14.2 billion over 10 years.
In the documents, officials say “this represents a significant transfer of wealth overseas.”
The Green Party says the bill will only get bigger if no action is taken by the Government to reverse climate pollution, and continues to open new coal mines and irrigation schemes.
According to co-leader James Shaw, “The Government has always said it’s too costly for New Zealand to reduce its own greenhouse gas emissions, but what these documents show is they haven’t been completely straight with the public because they haven’t been talking about the cost of paying other countries to do it for us.”
Extracted from http://www.newshub.co.nz/home/politics/2017/05/new-zealand-to-spend-14-billion-to-meet-paris-agreement-targets.html – 22 May 2017
[See also the very relevant Climate Cheats Report in Environment Downloads.]