The Centre for Sustainable Finance: Toitu Tahua took the opportunity to comment on the Ministry for the Environment’s Emissions Reduction Plan (ERP) discussion document, Te hau mārohi ki anamata | Transitioning to a low-emissions and climate-resilient future.
At the close of COP26 earlier this month, countries were urged to raise ambition and deliver on their pledges and commitments, in order to keep the Paris target of limiting global warming to 1.5 degrees Celsius alive. In light of the IPCC’s sixth assessment report – described as “code red for humanity” – the stakes could not be higher. This is recognised by this Government’s declaration of a national ‘climate emergency’.
We urge swift follow-through by the Government with an ERP that meets New Zealand’s first emissions budget and lays the foundations for the broader and longer-term structural and systemic changes needed to achieve a net-zero, equitable and inclusive transition. As well as meeting New Zealand’s international commitments, a rapid but managed domestic transition is the best way to manage economic and financial system risks and position New Zealand favourably in international trade and financial markets.
With leadership from Government, we must create one kaupapa that everyone can get behind. This means genuine collaboration and co-design with stakeholders – starting now. We agree on the critical importance of funding and financing to drive the climate transition. We need to get carbon pricing right and increase, by an order of magnitude, allocation of public money for funding and financing of the transition including for the purposes of enabling and accelerating private sector investment.
We offer our support and engagement to work with Government and other stakeholders on this.
Ahakoa ko hea tāua haere atu ai. Ka kōkiri tahi tāua.
Regardless of where we go on this journey, we’ll go together.
