Offshore carbon credits needed to meet new NZ carbon target - Shaw

Treasury estimates suggest NZ will have to pay billions to buy carbon reductions from other countries. (Image: Getty)

Sun, 31 Oct 2021

The government is pledging to reduce New Zealand’s net greenhouse gas emissions by 50% by 2030, but says it will have to buy other countries' reductions to meet its new higher target.According to Treasury estimates, that could cost the country more than $1 billion a year, depending on the price of carbon in 2030 and the size of the shortfall.Climate change minister James Shaw and prime minister Jacinda Ardern announced the more ambitious target on the eve of the United Nations climate conference in Glasgow. The meeting known as COP26...

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