ETS Changes Progress

by Desk Editor on Thursday, October 25, 2012 — 5:00 PM

The Climate Change Response (Emissions Trading and Other Matters) Amendment Bill, which waters down the emissions trading scheme, made progress in Parliament this afternoon.

Simon Bridges said the emissions trading scheme (ETS) was the main mechanism for New Zealand to meets its obligations under the Kyoto protocols, and while there was a great deal of uncertainty about what would replace Kyoto the ETS would remain in place.

The scheme would be made more “flexible’’ and would not place unnecessary strain on the economy.

Moana Mackey said Labour would continue to oppose the bill as it would reduce the ETS to no more than a “figleaf’’as it would not cover agriculture, was heavily subsidising polluters.

The allowing of cheap international carbon units would also destroy the carbon forestry sector in New Zealand, she said.

The bill completed its second reading by 61 to 59 with National, ACT and United Future in support.

MPs began the third reading of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Bill.

The bill completed its third reading by 105 to 15 with the Greens and Mana opposing

MPs began the second reading of the Financial Markets Conduct Bill .

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