Emissions Trading Scheme full of holes

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 Bill. 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 a large average windfall milk payment,” Ms Fitzsimons says.

“It is incomprehensible that the only emissions for which New Zealand is accountable under Kyoto missing from the scheme are methane emissions from coal mining. This is a big handout from taxpayers to the coal industry, and gives lie to the claim ‘all sectors, all gases’.”

“The Greens will vote for the Bill to go to select committee and try to remedy its defects at that stage.”
“Despite the scheme's good points, by the time it is fully operational it may be too late for the climate,” Ms Fitzsimons says.