Taxpayers could be $1.2 billion better off

Government figures revealed today show that the taxpayer would be nearly $1.2 billion better off had Labour and National acted to keep New Zealand’s greenhouse emissions down at 1990 levels, the Green Party said today.

The Government updated New Zealand’s Net Position Report, which estimates the country’s accounts for the first Kyoto Protocol period from 2008-2012. It estimated that New Zealand’s gross emissions will be 61.3 million tonnes above its budget, at a cost of $20.29 per tonne.

“If we had kept our emissions to 1990 levels taxpayers would have an extra $1.2 billion. Instead we increased them by 23% and the Government will have to pay out.

“The Stern report warned us that early action was significantly cheaper than doing nothing, and to date, New Zealand has done next to nothing, proving the point.

“It is a shame that these revised numbers rely on forestry credits that the Government doesn’t own, and the drought in the North Island.

“Good planning and early action should have been the source of success, not good luck combined with tragedy.

“We could be much further ahead financially and environmentally with a little forward planning and political will,” Dr Norman said.

The Net Position Report is available from the Ministry for the Environment at http://www.mfe.govt.nz/issues/climate/greenhouse-gas-emissions/net-position/index.html