New Zealand gov't outlines revised CO2 trading scheme

The government said it had struck a deal with its support party, the Maori Party, and would introduce a bill revising the largely stalled trading scheme to parliament next week. At present, only forestry is operating under the existing scheme.

Business and industry groups described the revised scheme as more balanced, which would go most of the way to meeting the needs of most sectors of the economy.

“The less rushed roll-out plan will be welcomed by industry and the energy sector, along with the agricultural sector which has also been given more time before entering the scheme,” Business NZ chief executive Phil O'Reilly said in a statement.

However, environmental group Greenpeace described the revised scheme as “an insult to New Zealanders.”

“Under the scheme as proposed, our emissions will just keep climbing and taxpayers, rather than polluters, will have to pay for them,” said Greenpeace Political Adviser Geoff Keey.

The minority National-led government suspended the previous Labour-led government's scheme and launched a review after coming to power following a general election last year.

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