BUDGET 2016: Industry’s ETS subsidy axed; $25 a tonne carbon cap remains

Pattrick Smellie
Thu, 26 May 2016

By Pattrick Smellie May 26 (BusinessDesk) - Electricity producers, transport fuel providers and industries with high carbon emissions will lose access to the subsidy that requires them to offset only half their emissions, Climate Change Minister Paula Bennett announced in the Budget. Major emitters who don’t face export competition are currently subject to a ‘one-for-two’ subsidy scheme over the next three years, with a benefit to the government in avoided costs of $356 million over the next four years, assuming carbon valued at $12 a ton...

Unlock all stories
free for 10 days

Trustworthy, balanced journalism every day from our growing team of New Zealand business reporters and commentators, plus more in our weekend magazine section, The Life.

Instant News Alerts based on keywords you choose or journalists you follow
Our Daily Digest of all stories at 6am, midday or 6pm
Comprehensive business and markets coverage
News via email, web and Apple/Android apps

Try for 10 days without paying and if you’re not convinced cancel with just two clicks.

Find out more

Subscribe now

Name

E-Mail Address

Password

Confirm Password

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Cardholder's Name

Card

You will be charged in 10 days unless you cancel beforehand. We will remind you three times before charging you.
All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service {{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

Or Subscribe with Google

Not convinced yet?

Subscribe to our Daily News Update free newsletter.

Bloomberg

Warren Buffett’s Berkshire Hathaway ‘buys the dip’ again

Bloomberg | Mon, 08 Aug 2022

The “Sage of Omaha” has emerged as a net buyer of equities in the June quarter, when markets were heading south around the world.

Bloomberg

What’s in the landmark US climate and tax bill

Bloomberg | Mon, 08 Aug 2022

After an epic struggle, the US Senate has passed a landmark climate change, tax and healthcare bill that Joe Biden hopes will help the Democrats in the mid-term elections.

Property

Wellington house price decline 'worst in world'

Brent Melville | Mon, 08 Aug 2022

Wellington is taking the brunt of the New Zealand housing market's sharp decline, dragged down by rising mortgage rates and tough credit conditions.

BUDGET 2016: Industry’s ETS subsidy axed; $25 a tonne carbon cap remains

Subscribe now

Or Subscribe with Google

Not convinced yet?

Your company has a subscription

Team