Here is my submission on the Climate Change Response (Emissions Trading and Other Matters) Amendment Bill
Committee Secretariat Finance and Expenditure Committee Parliament Buildings Wellington
4 September 2012
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
- 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.