How fast to the cliff? a submission on the Climate Change Response (Emissions Trading and Other Matters) Amendment Bill

Following up from yesterday's post where I said the proposed amendments to the New Zealand Emissions Trading Scheme are as useful as arguing over what speed to go while driving over a cliff, I have written a very brief submission. I have submitted it via the Parliament website.

It was almost exactly the same as leaving a comment on a blog where there is an anti-bot security step. You know, where you read some letters on an image file and type them in a dialog box. So its pretty easy.

Also there's an option to upload a PDF or other document. So there is really no excuse not to let the Government know what you think of the NZETS.

Committee Secretariat
Finance and Expenditure Committee
Parliament Buildings
Wellington
4 September 2012

Submission on the Climate Change Response (Emissions Trading and Other Matters) Amendment Bill

Dear Sir/Madam,

I oppose this bill. It weakens the existing very weak New Zealand Emissions Trading Scheme (NZETS) to the point of irrelevance.

I oppose the current design of the NZETS.

I oppose the NZETS because its fundamental design flaws make it completely ineffective in reducing New Zealand’s greenhouse gas emissions.

I submit that the design flaws are:

• the use of unlimited international junk credits,
• the indefinite delay in obligations for agriculture,
• the lack of a cap,
• the price ceiling with no price floor,
• the lack of revenue recycling via the tax system to consumers, and
• the excessive free allocation to industrial emitters such as NZ Aluminum Smelters Ltd.

I consider the NZETS should be replaced by a no-exceptions, no offsets, tax on greenhouse gas emissions with income compensation to citizens via the tax system.

Thank you
Yours faithfully,
Robin Johnson's Economics Web Page