The Wellbeing Budget

Transforming the economy

Meeting the climate change challenge

The Government is setting into law greenhouse gas reduction targets to meet the Paris Agreement goal of keeping temperature rise to no more than 1.5 degrees. The Wellbeing Budget provides funding to ensure the economic transition required to deliver these emission reductions is effective, efficient and just.

Long-term and stable regulatory settings are critical to meeting our emission reduction goals.

Climate Change Minister James Shaw says the funding for the Climate Change Commission in the Productive and Sustainable Land Use package will mean the Commission can provide the advice, guidance and monitoring New Zealand needs to reduce greenhouse gas emissions in line with our goal of limiting global warming.

"I welcome the Productive and Sustainable Land Use package funding to develop and implement an Emissions Trading Scheme (ETS) auctioning platform. Having an effective ETS is a vital component of achieving a just transition," James Shaw says.

Investing in research and development is also required so we can develop new ways to reduce emissions to manage the costs of the transition we need to make especially in the land sector.

Budget 2019 invests $8.5 million in 2019/20 in the Global Research Alliance on Agricultural Greenhouse Gases (GRA) to reduce and mitigate agricultural emissions.

An additional $3.2 million will go into the Agricultural Climate Change Research Platform to support world-class research here in New Zealand to help agriculture deal with the effects of climate change.

It is expected that industry will invest alongside government, particularly where research is providing benefits to industry.

Minister for Research, Science and Innovation Megan Woods says this investment will help address one of our most pressing emissions' sources.

"Ultimately this funding will help us achieve the Government's goal of net-zero carbon emissions by 2050. It's crucial that we invest in the research now for long-term change."

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