The $24 billion climate bill

The Herald reports:

New Zealand could face a bill of $24 billion in the years leading up to 2030 in order to meet its international climate change targets, according to a Government report. …

New Zealand has committed internationally under the Paris Agreement to reduce net greenhouse gas emissions in 2030 by 50 per cent below gross emission levels in 2005, part of global efforts to limit warming to below 1.5C.

Essentially, to meet that target, New Zealand’s emissions between 2021 and 2030 must not exceed 571 megatonnes of carbon dioxide equivalent gases (Mt C02e).

For context, in the year to June 2021, New Zealand emitted 84 Mt CO2e, or just under one-sixth of the entire budget.

So we will pay up to $24 billion to see a reduction in greenhouse gases of around 240 Mt. As a comparison China over the last ten years has emitted 21,000 Mt more than their 2009 level of emissions. So our $24 billion price tag will see a reduction over ten years which is less than 1/10th of the annual increase for China alone.

Think about what you could achieve spending that $24 billion on say better schools and hospitals?

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