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GIGANTIC POLLUTER BROUGHT TO ACCOUNT
New Zealand contributes a massive 0.2% of world greenhouse gas emissions, according to one estimate. Now these globe-warming monsters are finally getting the punishment they deserve:
The cost of a Government Kyoto Protocol botch-up could soar as high as $1.2 billion – more than double that estimated by the Treasury last month – a new report claims.
The Government last month admitted that it had miscalculated New Zealand’s greenhouse gas growth, for which it is liable under the Kyoto Protocol, resulting in an embarrassing $500 million bill rather than a $500m credit.
But the situation could be even worse, accounting giant PricewaterhouseCoopers says.
The PWC analysis shows the company believes the $500m bill estimate is also wrong. It believes the liability will be more like $1.2b to $1.7b above the original estimate.
This claim has been rubbished by the Treasury, which last night hit back, telling The Press its estimates were sound and the accountants had got it wrong.
After turning a $500 million credit into at least a $500 million debit, this claim to soundness seems a little bold.
Just use the funds from this, and there’s no problem at all!
Posted by nofixedabode on 2005 07 08 at 01:13 AM • permalinkit’s a hell of a lot to pay for a drop in the ocean
kae, Europe have to fund their welfare states somehow.
Posted by Art Vandelay on 2005 07 08 at 01:17 AM • permalinkHas anyone in New Zealand suggested withdrawing from the Kyoto treaty? Might save them a pretty penny or two.
Posted by The_Real_JeffS on 2005 07 08 at 01:18 AM • permalink#7, very true kae! Although NZ growth is a little slow, they still have an unemployment rate and a budget position that Europe can only dream of.
Posted by Art Vandelay on 2005 07 08 at 01:51 AM • permalinkalthough that budget position looks under severe threat now…
Posted by Art Vandelay on 2005 07 08 at 01:58 AM • permalinkNew Zealand should just leave the treaty. What could they do stop them? Declare war?
Posted by drscroogemcduck on 2005 07 08 at 02:12 AM • permalinkAs I understand things, if National get elected later this year, they will probably pull out of Kyoto; Labour would definitely keep it. Earlier this year, I would have said Labour was guaranteed to win, but National has started to take a lead in the polls so who knows.
Interestingly, Labour almost tried to introduce a ‘flatulence tax’ due to all the methane being produced by our cows. Thankfully it didn’t make it.
Posted by brucey bonus on 2005 07 08 at 02:26 AM • permalinkThe Canadians will soon be going down the same road. In spite of signing up for Kyoto, and promising a 6% reductions in emissions, Canada’s emisssions currently stand at a whopping 24% above 1990 levels. They are now blaming the Americans while conveniently ignoring the fact that American emissions are only up by 17% since 1990.
The American increase is about the same as the global average, even though Bush opted out of the treaty. Not only will Kyoto have no measurable impact on climate (even with impossibly complete compliance), but it looks like having no significant impact on global emissions.
Well Australia is in a free trade zone with the USA now and our emmisions are only a few percent above our ‘non binding unsigned un ratified target’ so I dont think the Canadian excuses are going to cut it. Cough up Canada! Wow 24% thats going to be a lot of maple syrup!! Come to think of it the easisest way for Canada to meet its target would be for Canadian factories to move to the USA and Australia. This would be a win win win for all 3 countries!!!
Posted by Astonished on 2005 07 08 at 03:31 AM • permalinkIt’s time to kick this multi-lateral, one-world thinggy into high gear.
Countries that signed the Kyoto Agreement and fail to meet their emission targets should have to answer for their crimes in front of the World Court. Administration of their industries and treasuries should be handed over to the UN General Assembly who will then contract all vital services of the guilty country to NGO’s. Countries that resist will be forced to billet a large contingent of African Peacekeepers on their soil.
Arty i think thats in the core of the treaty mate. OH PS China (true) has just announced it will withdraw the day after it is required to do anything. this pushes kyoto beneath the crtical masss rescinding it.
pps EU/Canada/Nz you keep striving
Posted by Astonished on 2005 07 08 at 09:09 AM • permalinkPardon my ignorance, but this billion NZ dollars goes to ... whom? To put it bluntly, who gets the swag? Is it spent on anti-pollution devices? Given to countries that do meet their targets? Dropped into the center of board and given to the next player who lands on Free Parking? Enquiring minds want to know ...
Posted by Urbs in Horto on 2005 07 08 at 09:56 AM • permalinkDoes anyone remeber economic snake-oil salesman John Quiggin claiming that the whole Kyoto thing could be done at minimal cost?
I believe HE is still earning $250,000 p/a.
Posted by niobium2000 on 2005 07 08 at 09:57 AM • permalinkIgnoring Kyoto wouldn’t work. Europe would turn the Dread Frown of Doom upon them…. and New Zealand is one of a handful of nations against which the Dread Frown of Doom is actually effective.
Posted by Paul Zrimsek on 2005 07 08 at 11:08 AM • permalinkThat’s a good question, where does the money go?
Posted by Aging Gamer on 2005 07 08 at 12:56 PM • permalinkNow is a good time to check what Kyoto has cost so far and the potential temperature saving by the year 2050: http://www.junkscience.com/
NZ is saved. The G8 pretty much just destroyed Kyoto, so NZ can just send half of its potential penalty to GWB whose deft manuevering of Mr. Blair just got Kyoto dunked. Consider it a payment for saving themselves from themselves. We will even accept the $500M dollar number as the number to split. We are just happy to help.
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Now, is that 0.2% of all greenhouse gas emissions, or 0.2% of all man-made greenhous gas emissions (if it’s the latter it’s a hell of a lot to pay for a drop in the ocean!!).
Anyway, wasn’t it suggested that if you clear fell your whole country, apply for credits, then plant lots of trees you will make a quid?