Monday 9 May 2022

New Zealand sets three carbon budgets in net zero quest

The New Zealand government has announced new emission budgets and targets to strengthen its aim for net zero.

Climate Change Minister James Shaw announced three new budgets, which set out how much carbon can be released into the atmosphere at any one period of time.

These new budgets set out the amount of carbon the country must cut in the next 14 years if net zero is to remain a possibility.

Shaw commented: There’s much more to do but having these binding budgets in place is a critical part of our strategy to rapidly cut out the pollution that causes climate change.”

For the years spanning from 2022 to 2025, 290 megatonnes of carbon will be allowed within the budget, followed by 305 megatonnes for 2026-2030 and then 240 megatonnes for 2031-2035.

New Zealand has pledged to reach net zero by 2050.

“Meeting the budgets will help to create new industries and high-value jobs; lower household energy bills; a more climate-friendly agriculture sector; warmer, drier homes; exciting new technologies; the protection of native species and eco-systems; cost savings for businesses and greater resilience in the face of increasing global uncertainty,” the Climate Change Minister added.