Newshub can reveal the cost to the New Zealand economy to meet Paris Agreement targets will be $1.4 billion every year for a decade.
But that money won’t be spent on reducing New Zealand’s domestic emissions – it’ll go towards paying other countries to reduce their emissions.
In documents released under the Official Information Act, a briefing to Judith Collins on her first day as Energy Minister says the cost to the economy of buying international carbon units to offset our own emissions will be $14.2 billion over 10 years.
Carbon trading is the process of buying and selling permits and credits to emit carbon dioxide.
In the documents, officials say “this represents a significant transfer of wealth overseas”, and also warn “an over reliance on overseas purchasing at the expense of domestic reductions could also leave New Zealand exposed in the face of increasing global carbon prices beyond 2030”.
The cost amounts to $1.4 …
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