New Zealand Treasury warns of up to $5 billion cost for overseas carbon credits to meet Paris targets
By
Kate Newton
20d ago· 5 min readenNews
Summary
Treasury estimates New Zealand could face up to $5 billion in costs for overseas carbon credits needed to meet its Paris Agreement commitments, with an additional $1.6 billion potentially required for a subsequent 2035 target. The figures are published for transparency and do not reflect government decisions. Finance Minister Nicola Willis has expressed reluctance to send billions offshore for credits, and New Zealand could theoretically meet its 2030 pledge entirely through domestic policies.
Source
bskyNew Zealand Treasury warns of up to $5 billion cost for overseas carbon credits to meet Paris targetsrnz.co.nzKey quotes
· 4 pulledTreasury estimates it could cost up to $5 billion to pay for the overseas carbon credits New Zealand needs to honour its Paris Agreement commitments.
An additional $1.6 billion may also be needed to pay for credits to meet a subsequent commitment, due by 2035.
Treasury said the figures did not reflect any government intentions or decisions, but was publishing them so there was transparency over possible future costs.
New Zealand has the option of meeting its pledge to halve net greenhouse gas emissions by 2030 entirely with domestic policies.
However, Finance Minister Nicola Willis has said she doesn't want to see billions of dollars go offshore to pay for credits.
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