New Zealand in Danger of Missing Greenhouse Gas Reduction Target

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Or sign-in if you have an account.(Bloomberg) — New Zealand needs to more than double the pace of greenhouse gas emissions reductions if it is to meet its targets in 2030 and beyond, the nation’s climate watchdog said.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountProjections show the emissions budget for the period through 2030 could be met, but more than half of the planned reductions are at “significant risk,” the Climate Change Commission said in its annual monitoring report Wednesday in Wellington. Current plans and policies are insufficient to meet the third emissions budget through 2035, or the longer-term 2050 target, and the window for action is closing, it added.“This is a clear warning sign,” Commission Chief Executive Jo Hendy said. “Emissions are gradually falling, but progress stalled in 2024, and current policy settings are not delivering at the pace needed. Government choices in the next 12-to-24 months will be critical to getting the country back on track.”Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againThe report comes as New Zealand faces more floods and extreme weather events linked to global climate change, while a general election looms in early November. The center-right government is struggling for popularity and faces a stern contest from parties on the left that are in favor of more action to reduce greenhouse gases, while some in the ruling coalition want New Zealand to withdraw from the Paris Agreement.New Zealand has a legislated target of achieving net zero emissions excluding agricultural methane by 2050, which it expects to achieve by electrification in industry and transport, more renewables generation and carbon offsets from forestry. However, sheep and cattle emissions make up around 40% of the nation’s total greenhouse gases and the government last year adopted a less ambitious methane reduction target.The commission said the risk of not reaching the 2030 emissions reduction target has increased. It identified electricity, agriculture and transport as areas where risks are now significant and said it is too late for more forest planting.Government estimates show a reduction of 7.9% in biogenic methane by 2030, compared to a target of 10%, it said.Looking ahead to 2035 and 2050, the commission said current plans and policies are insufficient to meet either target. Forestry is expected to contribute 49% of emissions reductions through 2035, highlighting how heavily New Zealand relies on that sector.The government needs to take additional action to address market barriers and failures, and if that doesn’t occur in the next one to two years, it will no longer be feasible to meet the 2030 methane component of the 2050 target or the third emissions budget through 2035, the commission said. Solutions include greater uptake of electric vehicles and industrial heat pumps, as well as more home solar and battery installations, it added.“Policy changes can still be made to improve the situation, but as the Commission says, time is running out,” said James Renwick, professor of climate science and physical geography at Victoria University of Wellington. “As the toll of extreme events worsens here and internationally, time is of the essence everywhere. Acting on climate change through greenhouse gas emissions reductions is not a ‘nice to have’, it is fundamental to maintaining a liveable future for our children and grandchildren.”The commission cites research showing early decarbonization could contribute NZ$22 billion ($13 billion) a year to gross domestic product in less than a decade, but said the rollout of projects is lagging.“This isn’t just a missed opportunity to reduce emissions, it means that households and businesses may be paying higher energy costs than they need to,” said Hendy. “Slow or delayed action also restricts the country’s future options.”This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.