ETS Amendment Bill passes first reading

A Bill to implement the amendments to New Zealand’s Emissions Trade Scheme (ETS) passed its first reading in Parliament today.

The Climate Change Response (Emissions Trading and Other Matters) Amendment Bill intends to modify the emissions trading scheme, provide further powers to make regulations, and make some technical and operational changes.

The objectives of the Bill are to ensure the ETS is flexible enough to cater for a range of international outcomes between 2013 and 2020, improve the operation and administration of the ETS, and change the current treatment of the synthetic greenhouse gases sector in the ETS.

Mr Groser told Parliament the Bill will keep carbon costs in New Zealand at a level similar to what they are now, which is appropriate in terms of the current economic climate and international progress.

“These amendments effectively support the Government’s economic growth priorities by making sure that our businesses remain internationally competitive and households are not weighed down by rising costs.

“The Bill aims to make the ETS more business-friendly and more adaptable to international developments, while continuing to demonstrate our commitment to doing our fair share,” says Mr Groser.

The Climate Change Response (Emissions Trading and Other Matters) Amendment Bill has been referred to the Finance and Expenditure Committee for consideration.