A fight on two fronts: Adapting to climate change and reducing GHG emissions in New Zealand

David Haugh

No 1815, OECD Economics Department Working Papers from OECD Publishing

Abstract: New Zealand, like other countries, needs to address climate change on two fronts simultaneously. Adapting to a hotter world while meeting its emissions reduction targets. New Zealand will need to become better prepared for more extreme weather that climate change will bring about. Councils will need new sources of revenue to fund the infrastructure that adaptation requires. Maintaining a comprehensive package of private insurance for climate-related losses with sharper premium price signals will also be essential. Developing a long-term energy strategy that weighs up all the main options for reducing emissions, while ensuring security of supply in a hotter world, is also crucial. New Zealand has made important strides to strengthen the policy framework for reducing GHG emissions. An important part of the framework is the New Zealand Emissions Trading Scheme (ETS). However, the ETS should be reviewed with a focus on the treatment of carbon removals through afforestation. New Zealand’s next overall emissions reduction plan should be underpinned by a rigorous and comprehensive cost-benefit comparison of the different emissions reduction options.

Keywords: adaptation; climate change; greenhouse gas emissions; mitigation; New Zealand (search for similar items in EconPapers)
JEL-codes: O13 O18 Q16 Q23 Q28 Q48 Q50 Q53 Q54 Q58 R11 R12 R14 R48 R52 (search for similar items in EconPapers)
Date: 2024-08-09
New Economics Papers: this item is included in nep-agr, nep-ene and nep-env
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Persistent link: https://EconPapers.repec.org/RePEc:oec:ecoaaa:1815-en

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