As part of the New Zealand government’s emissions reduction plan announcement for the 2022 budget, $710 million (US$450 million) has been promised to support the agriculture industry’s efforts to lower emissions, despite not contributing a cent to the funding pool.
The agricultural industry is both New Zealand’s biggest export earner and the biggest contributor to emissions but is not required to contribute to the Emissions Trading Scheme (ETS) until 2025.
However, the entire emissions reduction plan is funded by the ETS, meaning other sectors, such as transport and energy, will be subsidising research and development for agriculture.
Damien O’Connor, who is both the agriculture and trade minister, said the nation’s economic security depended on its food and fibre sector….
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