- New Zealand is on track to meet emissions reduction goals for the first Emission Reduction Plan period.
- The Government will consult on the second Emissions Plan for 2026-2030.
- The Emissions Trading Scheme (ETS) is central to achieving emission targets.
New Zealand is on track for its first Emission Reduction Plan, the Government continues its $2.6 billion pledge
The New Zealand Government has pledged to continue approximately $2.6 billion in climate change initiatives, originally funded by the Climate Emergency Response Fund (CERF). This includes developing the public EV charging network, and a grant scheme for electric HGVs.
Climate Change Minister for New Zealand, Simon Watts, confirmed the plan as part of Budget 2024:
“Our Government is committed to meeting emission reduction targets, including the overall goal of carbon net-zero by 2050, while continuing to prepare New Zealand for the more frequent severe weather events that climate change will bring.”
New Zealand remains on track to meet our emissions reduction goals in Emission Reduction Plan period one, and the Government will soon be consulting on the second Emissions Plan, for the period 2026-2030. This will form the basis of the Government’s plan to reduce New Zealand’s emissions in line with our targets.”
Budget 2024 introduces several new investments
Among these are funding for climate resilience projects like floodwalls through the Regional Infrastructure Fund. Additionally, there is a $200 million boost for the Rail Network Improvement Programme. The Budget also extends the Waste Disposal Levy. This will support a broader range of waste-related and environmental activities.
On top of that, the $2.6 billion commitment also includes a fund to help local authorities purchase electric buses and decarbonise the public transport fleet. It will cover public transport concessions for community service card holders and the development of an on-farm emission measurement scheme.
Importantly, the NZ Government will open revenue from the Emissions Trading Scheme (ETS) into the CERF. Future investment proposals for emission reduction or climate adaptation will now be considered through the regular Budget process.
Commitments like this one are pushing New Zealand towards sustainable prosperity. It’s detailed commitments like this one that form a roadmap to success. We can only hope governments in the UK and US follow suit with detailed overviews of their sustainable spending in the lead-up to general elections.
