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Posts Tagged carbon tax

Brother, can you spare $3.10 for a tonne of carbon dioxide? Mr February Oct 18

Join the conversation at Hot Topic

cup of coffee In which Mr February (aka Simon Johnson) looks at the uselessness of the report of the Finance and Expenditure Committee on the Climate Change Response (Emissions Trading and Other Matters) Amendment Bill, people begging on Lambton Quay in Wellington, and the fact that the spot price for a tonne of carbon dioxide is the same as for a flat white.

Have you heard the old Tin Pan Alley song “Brother can you spare a dime?” The experience of poverty and the Depression in America summed up in a popular song. The lyrics were written by Yip Harburg, and the music by Jay Gorney in 1931. The version by Al Jolson is very well known, but I like this version by Charlie Palloy and his Orchestra.

I usually start most weekdays getting off a bus on Lambton Quay. From the bus stop I walk along to work looking forward to the first coffee of the day. I usually note how many people are begging. There are almost always a few people begging on Lambton Quay. Who says NZ is not in a depression? Not Paul Krugman. ‘Brother can you spare a dime’ is alive and well.

Except it’s sad cardboard signs saying ‘Homeless and need help’. Also it’s at least $3 to $4 for a coffee, not a dime. Not for a long time.

The other price that’s less than the cost of a flat white is the spot price of carbon dioxide in NZ. Carbon trader OMF reports spot prices each day at CommTrade Carbon. Guess what? The last trade of a New Zealand Unit (a tonne of carbon dioxide) was $3.10.

The declining price of the NZU

OMF also display a chart. It shows the collapse of the international carbon market reflected in our own plucky little battler NZ emissions trading scheme. Can any sane person look at this chart and reach any other conclusion than the NZ emissions trading scheme has completely failed?

OMF originally committed the chart sin of not starting the vertical (price) axis at $0. However, reality has intruded. As the New Zealand Unit (NZU) price has relentlessly approached $0, they keep having to move the bottom of their chart closer to zero. That would almost be a small bit of humour in a pretty sad story. If it wasn’t the empirical nail in the coffin of pricing greenhouse gas emissions via a NZ emissions trading scheme.

If the $3.10/tonne NZU price is the nail in the coffin, the death notice must be the report of the Finance and Expenditure Select Committee on the Climate Change Response (Emissions Trading and Other Matters) Amendment Bill, released yesterday

This is the National Government’s bill to further weaken the NZ Emissions Trading Scheme. You know, indefinitely delay the entry of agriculture, make the half-price “two-for-one” transition discount permanent. If you can quickly recover your will to live after digesting 30 pages of bureaucratic and political policy denial and excuse-making, download and read the 117-page report.

Otherwise, just read Patrick Smellie’s analysis: “No restrictions on foreign-sourced carbon credits confirmed”

“The Climate Change Response (Emissions Trading and Other Matters) Bill was reported back to parliament by the finance and expenditure select committee with only technical amendments, and a decision that capping the use of foreign credits would compromise the emissions trading scheme principle of “least cost of compliance”.

The policy has seen major emitters such as oil and electricity companies snap up some of the lowest cost carbon units available on global markets, where prices have slumped to as little as $2 a tonne.

New Zealand Units, issued by the government, continue to be worth slightly more, at around $3 a tonne, but well below the $25 a tonne maximum price put on carbon when the ETS was introduced in 2009.”

Or just read the press release from Peter Hardstaff, Climate Change Programme Manager at WWF-New Zealand.

“This is another nail in the coffin for New Zealand’s credibility on climate change and suggests the government has no intention of trying to set this country’s emissions on a downward path. Other parties in the UN climate talks will rightly see New Zealand’s claims to be doing something to reduce emissions as all spin and no substance.”

What a complete shambles! Why didn’t we just have a no-exceptions carbon tax?

Brother can you spare a dime — Charlie Palloy and his Orchestra. Lyrics by Yip Harburg:

They used to tell me I was building a dream,

and so I followed the mob,

When there was earth to plow, or guns to bear,

I was always there right on the job.

They used to tell me I was building a dream,

with peace and glory ahead,
Why should I be standing in line, just waiting for bread?

Once I built a railroad, I made it run, made it race against time.
Once I built a railroad; now it’s done. Brother, can you spare a dime?
Once I built a tower, up to the sun, brick, and rivet, and lime;
Once I built a tower, now it’s done. Brother, can you spare a dime?

Once in khaki suits, gee we looked swell,
Full of that Yankee Doodly Dum,
Half a million boots went slogging through Hell,

And I was the kid with the drum!

Say, don’t you remember, they called me Al; it was Al all the time.
Why don’t you remember, I’m your pal? Buddy, can you spare a dime?

Brother, can you spare $3.10 for a tonne of carbon dioxide? Mr February Oct 18

Join the conversation at Hot Topic

cup of coffee In which Mr February (aka Simon Johnson) looks at the uselessness of the report of the Finance and Expenditure Committee on the Climate Change Response (Emissions Trading and Other Matters) Amendment Bill, people begging on Lambton Quay in Wellington, and the fact that the spot price for a tonne of carbon dioxide is the same as for a flat white.

Have you heard the old Tin Pan Alley song “Brother can you spare a dime?” The experience of poverty and the Depression in America summed up in a popular song. The lyrics were written by Yip Harburg, and the music by Jay Gorney in 1931. The version by Al Jolson is very well known, but I like this version by Charlie Palloy and his Orchestra.

I usually start most weekdays getting off a bus on Lambton Quay. From the bus stop I walk along to work looking forward to the first coffee of the day. I usually note how many people are begging. There are almost always a few people begging on Lambton Quay. Who says NZ is not in a depression? Not Paul Krugman. ‘Brother can you spare a dime’ is alive and well.

Except it’s sad cardboard signs saying ‘Homeless and need help’. Also it’s at least $3 to $4 for a coffee, not a dime. Not for a long time.

The other price that’s less than the cost of a flat white is the spot price of carbon dioxide in NZ. Carbon trader OMF reports spot prices each day at CommTrade Carbon. Guess what? The last trade of a New Zealand Unit (a tonne of carbon dioxide) was $3.10.

The declining price of the NZU

OMF also display a chart. It shows the collapse of the international carbon market reflected in our own plucky little battler NZ emissions trading scheme. Can any sane person look at this chart and reach any other conclusion than the NZ emissions trading scheme has completely failed?

OMF originally committed the chart sin of not starting the vertical (price) axis at $0. However, reality has intruded. As the New Zealand Unit (NZU) price has relentlessly approached $0, they keep having to move the bottom of their chart closer to zero. That would almost be a small bit of humour in a pretty sad story. If it wasn’t the empirical nail in the coffin of pricing greenhouse gas emissions via a NZ emissions trading scheme.

If the $3.10/tonne NZU price is the nail in the coffin, the death notice must be the report of the Finance and Expenditure Select Committee on the Climate Change Response (Emissions Trading and Other Matters) Amendment Bill, released yesterday

This is the National Government’s bill to further weaken the NZ Emissions Trading Scheme. You know, indefinitely delay the entry of agriculture, make the half-price “two-for-one” transition discount permanent. If you can quickly recover your will to live after digesting 30 pages of bureaucratic and political policy denial and excuse-making, download and read the 117-page report.

Otherwise, just read Patrick Smellie’s analysis: “No restrictions on foreign-sourced carbon credits confirmed”

“The Climate Change Response (Emissions Trading and Other Matters) Bill was reported back to parliament by the finance and expenditure select committee with only technical amendments, and a decision that capping the use of foreign credits would compromise the emissions trading scheme principle of “least cost of compliance”.

The policy has seen major emitters such as oil and electricity companies snap up some of the lowest cost carbon units available on global markets, where prices have slumped to as little as $2 a tonne.

New Zealand Units, issued by the government, continue to be worth slightly more, at around $3 a tonne, but well below the $25 a tonne maximum price put on carbon when the ETS was introduced in 2009.”

Or just read the press release from Peter Hardstaff, Climate Change Programme Manager at WWF-New Zealand.

“This is another nail in the coffin for New Zealand’s credibility on climate change and suggests the government has no intention of trying to set this country’s emissions on a downward path. Other parties in the UN climate talks will rightly see New Zealand’s claims to be doing something to reduce emissions as all spin and no substance.”

What a complete shambles! Why didn’t we just have a no-exceptions carbon tax?

Brother can you spare a dime — Charlie Palloy and his Orchestra. Lyrics by Yip Harburg:

They used to tell me I was building a dream,

and so I followed the mob,

When there was earth to plow, or guns to bear,

I was always there right on the job.

They used to tell me I was building a dream,

with peace and glory ahead,
Why should I be standing in line, just waiting for bread?

Once I built a railroad, I made it run, made it race against time.
Once I built a railroad; now it’s done. Brother, can you spare a dime?
Once I built a tower, up to the sun, brick, and rivet, and lime;
Once I built a tower, now it’s done. Brother, can you spare a dime?

Once in khaki suits, gee we looked swell,
Full of that Yankee Doodly Dum,
Half a million boots went slogging through Hell,

And I was the kid with the drum!

Say, don’t you remember, they called me Al; it was Al all the time.
Why don’t you remember, I’m your pal? Buddy, can you spare a dime?

Brother, can you spare $3.10 for a tonne of carbon dioxide? Mr February Oct 18

Join the conversation at Hot Topic

cup of coffee In which Mr February (aka Simon Johnson) looks at the uselessness of the report of the Finance and Expenditure Committee on the Climate Change Response (Emissions Trading and Other Matters) Amendment Bill, people begging on Lambton Quay in Wellington, and the fact that the spot price for a tonne of carbon dioxide is the same as for a flat white.

Have you heard the old Tin Pan Alley song “Brother can you spare a dime?” The experience of poverty and the Depression in America summed up in a popular song. The lyrics were written by Yip Harburg, and the music by Jay Gorney in 1931. The version by Al Jolson is very well known, but I like this version by Charlie Palloy and his Orchestra.

I usually start most weekdays getting off a bus on Lambton Quay. From the bus stop I walk along to work looking forward to the first coffee of the day. I usually note how many people are begging. There are almost always a few people begging on Lambton Quay. Who says NZ is not in a depression? Not Paul Krugman. ‘Brother can you spare a dime’ is alive and well.

Except it’s sad cardboard signs saying ‘Homeless and need help’. Also it’s at least $3 to $4 for a coffee, not a dime. Not for a long time.

The other price that’s less than the cost of a flat white is the spot price of carbon dioxide in NZ. Carbon trader OMF reports spot prices each day at CommTrade Carbon. Guess what? The last trade of a New Zealand Unit (a tonne of carbon dioxide) was $3.10.

The declining price of the NZU

OMF also display a chart. It shows the collapse of the international carbon market reflected in our own plucky little battler NZ emissions trading scheme. Can any sane person look at this chart and reach any other conclusion than the NZ emissions trading scheme has completely failed?

OMF originally committed the chart sin of not starting the vertical (price) axis at $0. However, reality has intruded. As the New Zealand Unit (NZU) price has relentlessly approached $0, they keep having to move the bottom of their chart closer to zero. That would almost be a small bit of humour in a pretty sad story. If it wasn’t the empirical nail in the coffin of pricing greenhouse gas emissions via a NZ emissions trading scheme.

If the $3.10/tonne NZU price is the nail in the coffin, the death notice must be the report of the Finance and Expenditure Select Committee on the Climate Change Response (Emissions Trading and Other Matters) Amendment Bill, released yesterday

This is the National Government’s bill to further weaken the NZ Emissions Trading Scheme. You know, indefinitely delay the entry of agriculture, make the half-price “two-for-one” transition discount permanent. If you can quickly recover your will to live after digesting 30 pages of bureaucratic and political policy denial and excuse-making, download and read the 117-page report.

Otherwise, just read Patrick Smellie’s analysis: “No restrictions on foreign-sourced carbon credits confirmed”

“The Climate Change Response (Emissions Trading and Other Matters) Bill was reported back to parliament by the finance and expenditure select committee with only technical amendments, and a decision that capping the use of foreign credits would compromise the emissions trading scheme principle of “least cost of compliance”.

The policy has seen major emitters such as oil and electricity companies snap up some of the lowest cost carbon units available on global markets, where prices have slumped to as little as $2 a tonne.

New Zealand Units, issued by the government, continue to be worth slightly more, at around $3 a tonne, but well below the $25 a tonne maximum price put on carbon when the ETS was introduced in 2009.”

Or just read the press release from Peter Hardstaff, Climate Change Programme Manager at WWF-New Zealand.

“This is another nail in the coffin for New Zealand’s credibility on climate change and suggests the government has no intention of trying to set this country’s emissions on a downward path. Other parties in the UN climate talks will rightly see New Zealand’s claims to be doing something to reduce emissions as all spin and no substance.”

What a complete shambles! Why didn’t we just have a no-exceptions carbon tax?

Brother can you spare a dime — Charlie Palloy and his Orchestra. Lyrics by Yip Harburg:

They used to tell me I was building a dream,

and so I followed the mob,

When there was earth to plow, or guns to bear,

I was always there right on the job.

They used to tell me I was building a dream,

with peace and glory ahead,
Why should I be standing in line, just waiting for bread?

Once I built a railroad, I made it run, made it race against time.
Once I built a railroad; now it’s done. Brother, can you spare a dime?
Once I built a tower, up to the sun, brick, and rivet, and lime;
Once I built a tower, now it’s done. Brother, can you spare a dime?

Once in khaki suits, gee we looked swell,
Full of that Yankee Doodly Dum,
Half a million boots went slogging through Hell,

And I was the kid with the drum!

Say, don’t you remember, they called me Al; it was Al all the time.
Why don’t you remember, I’m your pal? Buddy, can you spare a dime?

Brother, can you spare $3.10 for a tonne of carbon dioxide? Mr February Oct 18

Join the conversation at Hot Topic

cup of coffee In which Mr February (aka Simon Johnson) looks at the uselessness of the report of the Finance and Expenditure Committee on the Climate Change Response (Emissions Trading and Other Matters) Amendment Bill, people begging on Lambton Quay in Wellington, and the fact that the spot price for a tonne of carbon dioxide is the same as for a flat white.

Have you heard the old Tin Pan Alley song “Brother can you spare a dime?” The experience of poverty and the Depression in America summed up in a popular song. The lyrics were written by Yip Harburg, and the music by Jay Gorney in 1931. The version by Al Jolson is very well known, but I like this version by Charlie Palloy and his Orchestra.

I usually start most weekdays getting off a bus on Lambton Quay. From the bus stop I walk along to work looking forward to the first coffee of the day. I usually note how many people are begging. There are almost always a few people begging on Lambton Quay. Who says NZ is not in a depression? Not Paul Krugman. ‘Brother can you spare a dime’ is alive and well.

Except it’s sad cardboard signs saying ‘Homeless and need help’. Also it’s at least $3 to $4 for a coffee, not a dime. Not for a long time.

The other price that’s less than the cost of a flat white is the spot price of carbon dioxide in NZ. Carbon trader OMF reports spot prices each day at CommTrade Carbon. Guess what? The last trade of a New Zealand Unit (a tonne of carbon dioxide) was $3.10.

The declining price of the NZU

OMF also display a chart. It shows the collapse of the international carbon market reflected in our own plucky little battler NZ emissions trading scheme. Can any sane person look at this chart and reach any other conclusion than the NZ emissions trading scheme has completely failed?

OMF originally committed the chart sin of not starting the vertical (price) axis at $0. However, reality has intruded. As the New Zealand Unit (NZU) price has relentlessly approached $0, they keep having to move the bottom of their chart closer to zero. That would almost be a small bit of humour in a pretty sad story. If it wasn’t the empirical nail in the coffin of pricing greenhouse gas emissions via a NZ emissions trading scheme.

If the $3.10/tonne NZU price is the nail in the coffin, the death notice must be the report of the Finance and Expenditure Select Committee on the Climate Change Response (Emissions Trading and Other Matters) Amendment Bill, released yesterday

This is the National Government’s bill to further weaken the NZ Emissions Trading Scheme. You know, indefinitely delay the entry of agriculture, make the half-price “two-for-one” transition discount permanent. If you can quickly recover your will to live after digesting 30 pages of bureaucratic and political policy denial and excuse-making, download and read the 117-page report.

Otherwise, just read Patrick Smellie’s analysis: “No restrictions on foreign-sourced carbon credits confirmed”

“The Climate Change Response (Emissions Trading and Other Matters) Bill was reported back to parliament by the finance and expenditure select committee with only technical amendments, and a decision that capping the use of foreign credits would compromise the emissions trading scheme principle of “least cost of compliance”.

The policy has seen major emitters such as oil and electricity companies snap up some of the lowest cost carbon units available on global markets, where prices have slumped to as little as $2 a tonne.

New Zealand Units, issued by the government, continue to be worth slightly more, at around $3 a tonne, but well below the $25 a tonne maximum price put on carbon when the ETS was introduced in 2009.”

Or just read the press release from Peter Hardstaff, Climate Change Programme Manager at WWF-New Zealand.

“This is another nail in the coffin for New Zealand’s credibility on climate change and suggests the government has no intention of trying to set this country’s emissions on a downward path. Other parties in the UN climate talks will rightly see New Zealand’s claims to be doing something to reduce emissions as all spin and no substance.”

What a complete shambles! Why didn’t we just have a no-exceptions carbon tax?

Brother can you spare a dime — Charlie Palloy and his Orchestra. Lyrics by Yip Harburg:

They used to tell me I was building a dream,

and so I followed the mob,

When there was earth to plow, or guns to bear,

I was always there right on the job.

They used to tell me I was building a dream,

with peace and glory ahead,
Why should I be standing in line, just waiting for bread?

Once I built a railroad, I made it run, made it race against time.
Once I built a railroad; now it’s done. Brother, can you spare a dime?
Once I built a tower, up to the sun, brick, and rivet, and lime;
Once I built a tower, now it’s done. Brother, can you spare a dime?

Once in khaki suits, gee we looked swell,
Full of that Yankee Doodly Dum,
Half a million boots went slogging through Hell,

And I was the kid with the drum!

Say, don’t you remember, they called me Al; it was Al all the time.
Why don’t you remember, I’m your pal? Buddy, can you spare a dime?

Brother, can you spare $3.10 for a tonne of carbon dioxide? Mr February Oct 18

Join the conversation at Hot Topic

cup of coffee In which Mr February (aka Simon Johnson) looks at the uselessness of the report of the Finance and Expenditure Committee on the Climate Change Response (Emissions Trading and Other Matters) Amendment Bill, people begging on Lambton Quay in Wellington, and the fact that the spot price for a tonne of carbon dioxide is the same as for a flat white.

Have you heard the old Tin Pan Alley song “Brother can you spare a dime?” The experience of poverty and the Depression in America summed up in a popular song. The lyrics were written by Yip Harburg, and the music by Jay Gorney in 1931. The version by Al Jolson is very well known, but I like this version by Charlie Palloy and his Orchestra.

I usually start most weekdays getting off a bus on Lambton Quay. From the bus stop I walk along to work looking forward to the first coffee of the day. I usually note how many people are begging. There are almost always a few people begging on Lambton Quay. Who says NZ is not in a depression? Not Paul Krugman. ‘Brother can you spare a dime’ is alive and well.

Except it’s sad cardboard signs saying ‘Homeless and need help’. Also it’s at least $3 to $4 for a coffee, not a dime. Not for a long time.

The other price that’s less than the cost of a flat white is the spot price of carbon dioxide in NZ. Carbon trader OMF reports spot prices each day at CommTrade Carbon. Guess what? The last trade of a New Zealand Unit (a tonne of carbon dioxide) was $3.10.

The declining price of the NZU

OMF also display a chart. It shows the collapse of the international carbon market reflected in our own plucky little battler NZ emissions trading scheme. Can any sane person look at this chart and reach any other conclusion than the NZ emissions trading scheme has completely failed?

OMF originally committed the chart sin of not starting the vertical (price) axis at $0. However, reality has intruded. As the New Zealand Unit (NZU) price has relentlessly approached $0, they keep having to move the bottom of their chart closer to zero. That would almost be a small bit of humour in a pretty sad story. If it wasn’t the empirical nail in the coffin of pricing greenhouse gas emissions via a NZ emissions trading scheme.

If the $3.10/tonne NZU price is the nail in the coffin, the death notice must be the report of the Finance and Expenditure Select Committee on the Climate Change Response (Emissions Trading and Other Matters) Amendment Bill, released yesterday

This is the National Government’s bill to further weaken the NZ Emissions Trading Scheme. You know, indefinitely delay the entry of agriculture, make the half-price “two-for-one” transition discount permanent. If you can quickly recover your will to live after digesting 30 pages of bureaucratic and political policy denial and excuse-making, download and read the 117-page report.

Otherwise, just read Patrick Smellie’s analysis: “No restrictions on foreign-sourced carbon credits confirmed”

“The Climate Change Response (Emissions Trading and Other Matters) Bill was reported back to parliament by the finance and expenditure select committee with only technical amendments, and a decision that capping the use of foreign credits would compromise the emissions trading scheme principle of “least cost of compliance”.

The policy has seen major emitters such as oil and electricity companies snap up some of the lowest cost carbon units available on global markets, where prices have slumped to as little as $2 a tonne.

New Zealand Units, issued by the government, continue to be worth slightly more, at around $3 a tonne, but well below the $25 a tonne maximum price put on carbon when the ETS was introduced in 2009.”

Or just read the press release from Peter Hardstaff, Climate Change Programme Manager at WWF-New Zealand.

“This is another nail in the coffin for New Zealand’s credibility on climate change and suggests the government has no intention of trying to set this country’s emissions on a downward path. Other parties in the UN climate talks will rightly see New Zealand’s claims to be doing something to reduce emissions as all spin and no substance.”

What a complete shambles! Why didn’t we just have a no-exceptions carbon tax?

Brother can you spare a dime — Charlie Palloy and his Orchestra. Lyrics by Yip Harburg:

They used to tell me I was building a dream,

and so I followed the mob,

When there was earth to plow, or guns to bear,

I was always there right on the job.

They used to tell me I was building a dream,

with peace and glory ahead,
Why should I be standing in line, just waiting for bread?

Once I built a railroad, I made it run, made it race against time.
Once I built a railroad; now it’s done. Brother, can you spare a dime?
Once I built a tower, up to the sun, brick, and rivet, and lime;
Once I built a tower, now it’s done. Brother, can you spare a dime?

Once in khaki suits, gee we looked swell,
Full of that Yankee Doodly Dum,
Half a million boots went slogging through Hell,

And I was the kid with the drum!

Say, don’t you remember, they called me Al; it was Al all the time.
Why don’t you remember, I’m your pal? Buddy, can you spare a dime?

Brother, can you spare $3.10 for a tonne of carbon dioxide? Mr February Oct 18

Join the conversation at Hot Topic

cup of coffee In which Mr February (aka Simon Johnson) looks at the uselessness of the report of the Finance and Expenditure Committee on the Climate Change Response (Emissions Trading and Other Matters) Amendment Bill, people begging on Lambton Quay in Wellington, and the fact that the spot price for a tonne of carbon dioxide is the same as for a flat white.

Have you heard the old Tin Pan Alley song “Brother can you spare a dime?” The experience of poverty and the Depression in America summed up in a popular song. The lyrics were written by Yip Harburg, and the music by Jay Gorney in 1931. The version by Al Jolson is very well known, but I like this version by Charlie Palloy and his Orchestra.

I usually start most weekdays getting off a bus on Lambton Quay. From the bus stop I walk along to work looking forward to the first coffee of the day. I usually note how many people are begging. There are almost always a few people begging on Lambton Quay. Who says NZ is not in a depression? Not Paul Krugman. ‘Brother can you spare a dime’ is alive and well.

Except it’s sad cardboard signs saying ‘Homeless and need help’. Also it’s at least $3 to $4 for a coffee, not a dime. Not for a long time.

The other price that’s less than the cost of a flat white is the spot price of carbon dioxide in NZ. Carbon trader OMF reports spot prices each day at CommTrade Carbon. Guess what? The last trade of a New Zealand Unit (a tonne of carbon dioxide) was $3.10.

The declining price of the NZU

OMF also display a chart. It shows the collapse of the international carbon market reflected in our own plucky little battler NZ emissions trading scheme. Can any sane person look at this chart and reach any other conclusion than the NZ emissions trading scheme has completely failed?

OMF originally committed the chart sin of not starting the vertical (price) axis at $0. However, reality has intruded. As the New Zealand Unit (NZU) price has relentlessly approached $0, they keep having to move the bottom of their chart closer to zero. That would almost be a small bit of humour in a pretty sad story. If it wasn’t the empirical nail in the coffin of pricing greenhouse gas emissions via a NZ emissions trading scheme.

If the $3.10/tonne NZU price is the nail in the coffin, the death notice must be the report of the Finance and Expenditure Select Committee on the Climate Change Response (Emissions Trading and Other Matters) Amendment Bill, released yesterday

This is the National Government’s bill to further weaken the NZ Emissions Trading Scheme. You know, indefinitely delay the entry of agriculture, make the half-price “two-for-one” transition discount permanent. If you can quickly recover your will to live after digesting 30 pages of bureaucratic and political policy denial and excuse-making, download and read the 117-page report.

Otherwise, just read Patrick Smellie’s analysis: “No restrictions on foreign-sourced carbon credits confirmed”

“The Climate Change Response (Emissions Trading and Other Matters) Bill was reported back to parliament by the finance and expenditure select committee with only technical amendments, and a decision that capping the use of foreign credits would compromise the emissions trading scheme principle of “least cost of compliance”.

The policy has seen major emitters such as oil and electricity companies snap up some of the lowest cost carbon units available on global markets, where prices have slumped to as little as $2 a tonne.

New Zealand Units, issued by the government, continue to be worth slightly more, at around $3 a tonne, but well below the $25 a tonne maximum price put on carbon when the ETS was introduced in 2009.”

Or just read the press release from Peter Hardstaff, Climate Change Programme Manager at WWF-New Zealand.

“This is another nail in the coffin for New Zealand’s credibility on climate change and suggests the government has no intention of trying to set this country’s emissions on a downward path. Other parties in the UN climate talks will rightly see New Zealand’s claims to be doing something to reduce emissions as all spin and no substance.”

What a complete shambles! Why didn’t we just have a no-exceptions carbon tax?

Brother can you spare a dime — Charlie Palloy and his Orchestra. Lyrics by Yip Harburg:

They used to tell me I was building a dream,

and so I followed the mob,

When there was earth to plow, or guns to bear,

I was always there right on the job.

They used to tell me I was building a dream,

with peace and glory ahead,
Why should I be standing in line, just waiting for bread?

Once I built a railroad, I made it run, made it race against time.
Once I built a railroad; now it’s done. Brother, can you spare a dime?
Once I built a tower, up to the sun, brick, and rivet, and lime;
Once I built a tower, now it’s done. Brother, can you spare a dime?

Once in khaki suits, gee we looked swell,
Full of that Yankee Doodly Dum,
Half a million boots went slogging through Hell,

And I was the kid with the drum!

Say, don’t you remember, they called me Al; it was Al all the time.
Why don’t you remember, I’m your pal? Buddy, can you spare a dime?

Brother, can you spare $3.10 for a tonne of carbon dioxide? Mr February Oct 18

Join the conversation at Hot Topic

cup of coffee In which Mr February (aka Simon Johnson) looks at the uselessness of the report of the Finance and Expenditure Committee on the Climate Change Response (Emissions Trading and Other Matters) Amendment Bill, people begging on Lambton Quay in Wellington, and the fact that the spot price for a tonne of carbon dioxide is the same as for a flat white.

Have you heard the old Tin Pan Alley song “Brother can you spare a dime?” The experience of poverty and the Depression in America summed up in a popular song. The lyrics were written by Yip Harburg, and the music by Jay Gorney in 1931. The version by Al Jolson is very well known, but I like this version by Charlie Palloy and his Orchestra.

I usually start most weekdays getting off a bus on Lambton Quay. From the bus stop I walk along to work looking forward to the first coffee of the day. I usually note how many people are begging. There are almost always a few people begging on Lambton Quay. Who says NZ is not in a depression? Not Paul Krugman. ‘Brother can you spare a dime’ is alive and well.

Except it’s sad cardboard signs saying ‘Homeless and need help’. Also it’s at least $3 to $4 for a coffee, not a dime. Not for a long time.

The other price that’s less than the cost of a flat white is the spot price of carbon dioxide in NZ. Carbon trader OMF reports spot prices each day at CommTrade Carbon. Guess what? The last trade of a New Zealand Unit (a tonne of carbon dioxide) was $3.10.

The declining price of the NZU

OMF also display a chart. It shows the collapse of the international carbon market reflected in our own plucky little battler NZ emissions trading scheme. Can any sane person look at this chart and reach any other conclusion than the NZ emissions trading scheme has completely failed?

OMF originally committed the chart sin of not starting the vertical (price) axis at $0. However, reality has intruded. As the New Zealand Unit (NZU) price has relentlessly approached $0, they keep having to move the bottom of their chart closer to zero. That would almost be a small bit of humour in a pretty sad story. If it wasn’t the empirical nail in the coffin of pricing greenhouse gas emissions via a NZ emissions trading scheme.

If the $3.10/tonne NZU price is the nail in the coffin, the death notice must be the report of the Finance and Expenditure Select Committee on the Climate Change Response (Emissions Trading and Other Matters) Amendment Bill, released yesterday

This is the National Government’s bill to further weaken the NZ Emissions Trading Scheme. You know, indefinitely delay the entry of agriculture, make the half-price “two-for-one” transition discount permanent. If you can quickly recover your will to live after digesting 30 pages of bureaucratic and political policy denial and excuse-making, download and read the 117-page report.

Otherwise, just read Patrick Smellie’s analysis: “No restrictions on foreign-sourced carbon credits confirmed”

“The Climate Change Response (Emissions Trading and Other Matters) Bill was reported back to parliament by the finance and expenditure select committee with only technical amendments, and a decision that capping the use of foreign credits would compromise the emissions trading scheme principle of “least cost of compliance”.

The policy has seen major emitters such as oil and electricity companies snap up some of the lowest cost carbon units available on global markets, where prices have slumped to as little as $2 a tonne.

New Zealand Units, issued by the government, continue to be worth slightly more, at around $3 a tonne, but well below the $25 a tonne maximum price put on carbon when the ETS was introduced in 2009.”

Or just read the press release from Peter Hardstaff, Climate Change Programme Manager at WWF-New Zealand.

“This is another nail in the coffin for New Zealand’s credibility on climate change and suggests the government has no intention of trying to set this country’s emissions on a downward path. Other parties in the UN climate talks will rightly see New Zealand’s claims to be doing something to reduce emissions as all spin and no substance.”

What a complete shambles! Why didn’t we just have a no-exceptions carbon tax?

Brother can you spare a dime — Charlie Palloy and his Orchestra. Lyrics by Yip Harburg:

They used to tell me I was building a dream,

and so I followed the mob,

When there was earth to plow, or guns to bear,

I was always there right on the job.

They used to tell me I was building a dream,

with peace and glory ahead,
Why should I be standing in line, just waiting for bread?

Once I built a railroad, I made it run, made it race against time.
Once I built a railroad; now it’s done. Brother, can you spare a dime?
Once I built a tower, up to the sun, brick, and rivet, and lime;
Once I built a tower, now it’s done. Brother, can you spare a dime?

Once in khaki suits, gee we looked swell,
Full of that Yankee Doodly Dum,
Half a million boots went slogging through Hell,

And I was the kid with the drum!

Say, don’t you remember, they called me Al; it was Al all the time.
Why don’t you remember, I’m your pal? Buddy, can you spare a dime?

Brother, can you spare $3.10 for a tonne of carbon dioxide? Mr February Oct 18

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cup of coffee In which Mr February (aka Simon Johnson) looks at the uselessness of the report of the Finance and Expenditure Committee on the Climate Change Response (Emissions Trading and Other Matters) Amendment Bill, people begging on Lambton Quay in Wellington, and the fact that the spot price for a tonne of carbon dioxide is the same as for a flat white.

Have you heard the old Tin Pan Alley song “Brother can you spare a dime?” The experience of poverty and the Depression in America summed up in a popular song. The lyrics were written by Yip Harburg, and the music by Jay Gorney in 1931. The version by Al Jolson is very well known, but I like this version by Charlie Palloy and his Orchestra.

I usually start most weekdays getting off a bus on Lambton Quay. From the bus stop I walk along to work looking forward to the first coffee of the day. I usually note how many people are begging. There are almost always a few people begging on Lambton Quay. Who says NZ is not in a depression? Not Paul Krugman. ‘Brother can you spare a dime’ is alive and well.

Except it’s sad cardboard signs saying ‘Homeless and need help’. Also it’s at least $3 to $4 for a coffee, not a dime. Not for a long time.

The other price that’s less than the cost of a flat white is the spot price of carbon dioxide in NZ. Carbon trader OMF reports spot prices each day at CommTrade Carbon. Guess what? The last trade of a New Zealand Unit (a tonne of carbon dioxide) was $3.10.

The declining price of the NZU

OMF also display a chart. It shows the collapse of the international carbon market reflected in our own plucky little battler NZ emissions trading scheme. Can any sane person look at this chart and reach any other conclusion than the NZ emissions trading scheme has completely failed?

OMF originally committed the chart sin of not starting the vertical (price) axis at $0. However, reality has intruded. As the New Zealand Unit (NZU) price has relentlessly approached $0, they keep having to move the bottom of their chart closer to zero. That would almost be a small bit of humour in a pretty sad story. If it wasn’t the empirical nail in the coffin of pricing greenhouse gas emissions via a NZ emissions trading scheme.

If the $3.10/tonne NZU price is the nail in the coffin, the death notice must be the report of the Finance and Expenditure Select Committee on the Climate Change Response (Emissions Trading and Other Matters) Amendment Bill, released yesterday

This is the National Government’s bill to further weaken the NZ Emissions Trading Scheme. You know, indefinitely delay the entry of agriculture, make the half-price “two-for-one” transition discount permanent. If you can quickly recover your will to live after digesting 30 pages of bureaucratic and political policy denial and excuse-making, download and read the 117-page report.

Otherwise, just read Patrick Smellie’s analysis: “No restrictions on foreign-sourced carbon credits confirmed”

“The Climate Change Response (Emissions Trading and Other Matters) Bill was reported back to parliament by the finance and expenditure select committee with only technical amendments, and a decision that capping the use of foreign credits would compromise the emissions trading scheme principle of “least cost of compliance”.

The policy has seen major emitters such as oil and electricity companies snap up some of the lowest cost carbon units available on global markets, where prices have slumped to as little as $2 a tonne.

New Zealand Units, issued by the government, continue to be worth slightly more, at around $3 a tonne, but well below the $25 a tonne maximum price put on carbon when the ETS was introduced in 2009.”

Or just read the press release from Peter Hardstaff, Climate Change Programme Manager at WWF-New Zealand.

“This is another nail in the coffin for New Zealand’s credibility on climate change and suggests the government has no intention of trying to set this country’s emissions on a downward path. Other parties in the UN climate talks will rightly see New Zealand’s claims to be doing something to reduce emissions as all spin and no substance.”

What a complete shambles! Why didn’t we just have a no-exceptions carbon tax?

Brother can you spare a dime — Charlie Palloy and his Orchestra. Lyrics by Yip Harburg:

They used to tell me I was building a dream,

and so I followed the mob,

When there was earth to plow, or guns to bear,

I was always there right on the job.

They used to tell me I was building a dream,

with peace and glory ahead,
Why should I be standing in line, just waiting for bread?

Once I built a railroad, I made it run, made it race against time.
Once I built a railroad; now it’s done. Brother, can you spare a dime?
Once I built a tower, up to the sun, brick, and rivet, and lime;
Once I built a tower, now it’s done. Brother, can you spare a dime?

Once in khaki suits, gee we looked swell,
Full of that Yankee Doodly Dum,
Half a million boots went slogging through Hell,

And I was the kid with the drum!

Say, don’t you remember, they called me Al; it was Al all the time.
Why don’t you remember, I’m your pal? Buddy, can you spare a dime?

Consumptionomics Bryan Walker May 01

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Business pages don’t often carry articles about the need to forsake the growth model. I was somewhat startled to come across one prominent in the NZ Herald business supplement last week. Journalist Chris Barton wrote about the ideas of Chandran Nair, author of Consumptionomics and a speaker at this year’s Auckland Writers & Readers Festival There’s a Kindle edition of Consumptionomics so I was able to read it over the next couple of days, which I did with considerable interest.

Nair, a Malaysian of Indian descent, is founder and chief executive of the Asian think tank Global Institute for Tomorrow and writes for Asian audiences. His basic intent in Consumptionomics is to urge Asian countries not to follow the pattern of Western models of economic growth, consumption-driven and built on the exclusion of environmental and social costs.  While the West may have got thus far by leaving those costs out of account there is no way in which the much larger populations of Asia can aspire to the same kind of economic development. The economic model only more or less worked when a relatively small proportion of the world’s population was using it, and then only by excluding the long-term damage to the world’s environment which now confronts us. It is folly to think that consumption-driven capitalism can be realised across the vast populations of Asia. Instead he calls for sustainable ways of living which will pass on to future generations an environment with rainforests, with biodiversity, with adequate resources, with fish in the oceans, with cities that are a pleasure to live in and with a climate that is not running out of control.

Nair is not arguing for an end to capitalism, but rather for a strong state involvement and management which will prevent the excesses of consumption on which so many economies now depend. Indeed he sees Asia as well suited to freeing capitalism from its captivity to free market fundamentalists and ideologues. It is clearly impossible for all the inhabitants of Asia to live at affluent Western levels and maintain a liveable environment. As they embark on the task of lifting the standard of living of their citizens and banishing poverty they can take a path which will do this without destroying the natural resources on which human society depends.

Nair proposes three core tenets for Asian countries.

First is the recognition that resources are constrained, no matter how much Western economic models ignore that fact, and the corollary that economic activity must be subservient to maintaining the vitality of resources. Governments, not markets, should set the priorities.

Second, resource use must be equitable for current and future generations; collective welfare takes precedence over individual rights.

Third, resources must be repriced; productivity efforts should be focused on resources, not people. This means costs must be attached to emissions, and resources such as land and water must have prices that compel people to use them in sustainable fashion. Where necessary outright bans must be placed on the use of particular resources such as rainforests or fisheries threatened by depletion.

Nair sees broad-based carbon taxes as the first step. They would strongly encourage companies and individuals to use fewer resources and use them more efficiently. They would impact on transport costs, discouraging the production of goods flown in from around the world and encouraging manufacturing closer to its intended user. He favours at the same time the lowering of taxes on income or other labour charges, with the effect of encouraging the use of labour to enhance value and moving away from the emphasis on labour productivity that has dominated capitalism to date.

Reversing the industrialisation of agriculture figures high on his list of priorities. Taxes on water, chemicals, and emissions on the energy industrial agriculture requires, along with a proper pricing of the impact of run-offs and other pollutants would raise prices but would also encourage a greater use of labour to add value and reduce environmental damage.

On transport Nair writes of the need to provide people with mobility rather than the right to own and use private cars. So long as the external costs of car owning are not factored in, public transport is disadvantaged.

Under the kind of circumstances Nair outlines for Asian countries he envisages companies finding ways of extracting value from longer-lived goods, from services built around the performance of their goods rather than their sale, and from reselling and recycling their materials and components. It’s not an unfamiliar vision for those within Western societies who have challenged the notion of endless consumption-driven growth, but Nair’s sense of its strong relevance to the emerging economies of Asia brings freshness, and perhaps a touch of hope that is difficult to sustain living in the heart of Western economies where even the financial collapse of 2008 appears to have left the growth fetish unaffected.

Nair does not put much hope in global deals in the near future, and encourages Asian countries to act on their own account. He acknowledges the problems of unilateral action, but in the difficult years ahead considers it important for Asian countries that they not wait to put into effect policies that direct them away from the prevailing growth concepts. Nor is he too worried about democratic governance, noting that democracy in a weak state is no great advance if it is unable to provide the state management needed to restrain unfettered markets. Good governance can be delivered by means other than the package of beliefs advocated by Western liberal democracies. What is important in that Asian governments take hold of the task of putting a price on resource use in their own countries and educating their populations about the reasons for doing so.  He sees no reason to assume that turning away from unfettered markets will damage economic relations with other countries or mean an end to co-operation with other countries.

Yes, it means an interventionist state, though not nearly as interventionist as the state will be forced to become if the consequences of climate change and resource depletion are felt to their likely extent under the prevailing economic philosophy. Nair is careful to distinguish a strong state from an authoritarian state, and his support for state intervention comes with the stipulation that it is for the public good. He considers Western liberal democracy over-emphasises individual rights to the detriment of collective rights and is particularly critical of the pre-eminence of property rights on which Western capitalism is grounded.

Whether Asian countries will find a development path that eschews the market fundamentalism which holds the West in thrall remains to be seen, but it’s an intriguing prospect that Nair’s book points to, and one which he develops with satisfying complexity as his discussion proceeds. From a climate change perspective we have watched global forums stumble along for two decades making very little progress. Action by states independent enough to go ahead on their own account could open up possibilities which collectively we seem powerless to develop.

[Support Hot Topic by purchasing this book (or any book) through our affiliates: The Book Depository (UK, free shipping worldwide), Fishpond (NZ) and Amazon.com.]

Australia’s carbon price mechanism in six dot points Gareth Renowden Nov 11

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Rosemary Lyster, Professor of Climate and Environmental Law at the University of Sydney explains the most important features of Australia’s new emissions law. It’s interesting to compare and contrast the framework with the current ETS legislation in NZ, and what may happen to our framework if National form the next government. [Republished from The Conversation]

Australia’s carbon price mechanism has become law. But how does it work? There are six key points:

1. Australia’s emissions trajectory

By 2020, Australia will reduce all of its greenhouse gas emissions by 5% compared with 2000 levels. By 2050, emissions will be reduced by 80% compared with 2000 levels.

2. The annual cap on emissions

During the first three years (July 1 2012 to July 1 2015), when the price of carbon units is fixed, emissions will not be limited. Thereafter the government will set an annual cap. The extent of the cap will be based on the advice of the new Climate Change Authority (CCA).

The annual cap is set consistently with Australia’s downward emissions trajectory — it will get tighter as Australia’s emissions reduction targets go up. The number of carbon units issued each year will equal the scheme cap.

3. Entities covered by the scheme

Liable entities must surrender one carbon unit (to the new Clean Energy Regulator for each tonne of emissions for which they are liable. Liable entities are broken into three categories:

  • the person who has operational control of a facility from which 25,000 tonnes of COâ‚‚e (these are all greenhouse gases covered by the legislation) are emitted
  • natural gas retailers
  • the person who has operational control of a landfill facility from which 25,000 tonnes of COâ‚‚e are emitted.

Liable entities are only liable for Scope 1 (direct) emissions from:

  • the combustion of energy sources
  • fugitive emissions (such as from coal mines)
  • industrial process emissions
  • emissions from waste.

These emissions have been reported since 1 July 2009 under the National Greenhouse and Energy Reporting Act 2007.

Three types of eligible carbon units can be surrendered:

  • units issued by the Clean Energy Regulator
  • Australian Carbon Credit Units (ACCUs) issued under the Carbon Farming Initiative (CFI)
  • international units which are accredited either under the Kyoto Protocol or any successor to the Kyoto Protocol. The government may disallow any of these if it considers them ineligible.

The CCA will advise the government on the eligibility of international units. Eligible international emissions units cannot be surrendered during the fixed charge period. They can however be surrendered during the flexible charge period (from 1 July 2015), and can be up to 50% of the total emissions liability for that entity for the year.

The Carbon Farming Initiative lets Australia’s agricultural sector reduce emissions and create carbon credit units. Emissions reduction may happen by avoiding emissions in the first place, or by removing carbon from the atmosphere and storing it in soil or trees. The credits generated can be sold to liable entities both in Australia and overseas.

In the fixed charge period, a liable entity can surrender carbon credit units to meet 5% of its total emissions liability. In the flexible charge period, a liable entity can surrender as many of these units as it wants. A stringent shortfall charge applies for failure to surrender carbon units.

The carbon price mechanism does not apply to fuel. A carbon price is imposed on fuel through changes in fuel tax credits or changes in excise.

4. Issuing carbon units

The Clean Energy Regulator will issue carbon units. In the first
three years of the scheme (1 July 2012 to 1 July 2015, the ’fixed charge’ years), carbon units will issued at a fixed charge of:

  • in 2012, $23/tonne
  • in 2013, $24.15/tonne
  • in 2014, $25.40/tonne.

The scheme then enters an emissions trading phase (known as the flexible charge years). For the first three years, a transitional carbon price ceiling and a floor will manage price volatility. Thereafter the price will be set only at auction.

Carbon units will be issued free to emissions-intensive trade-exposed industries (EITEs — these are industries which compete with industries in countries without a carbon price), coal-fired electricity generators and LNG projects.

Complex mathematical formulae calculate the number of units to be issued. Highly emissions-intensive EITEs will receive 94.5% of their carbon units for free. Moderately emissions-intensive EITEs it is 66%. This will be reduced by 1.3% a year. LNG projects will will get assistance at or above 50%.

The issue of free carbon units will be reviewed by the Productivity Commission. Units issued in the flexible charge years are tradable.

5. Information, monitoring, penalties, and reviews

The electronic Liable Entities Public Information Database must be kept open for public inspection. The Regulator can demand information from liable entities, who must keep records for five years.

Inspectors have monitoring powers. Strict civil and criminal penalties apply. CEOs are personally liable to pay civil penalties if they fail to take reasonable steps to prevent a contravention. The CCA will review the carbon price mechanism.

6. Compensation

$14.9 billion in household assistance will be provided. This assistance is to offset the price rises likely to be passed from liable entities to consumers.

Free units for emissions-intensive industries will cost $9.2 billion. Free permits to coal-fired generators, and the closure of highly polluting plants, will cost $5.5 billion from 2011-2017.

$1.3 billion from 2011-2017 will fund the Coal Sector Jobs Package. Clean energy and energy efficiency also receive government funding.

This article was originally published at The Conversation.
Read the original article.