SciBlogs

Posts Tagged carbon tax

Taxing Rodney: Hide’s carbon hypocrisy Gareth Renowden Jun 08

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Untroubled as he is by the responsibilities of public office, or any apparent need to appear consistent, the former leader of the far-right ACT Party, Rodney Hide, attempts to ridicule the Green Party’s new carbon tax policy in his column at the National Business Review this week. You can’t actually read the column, because it’s behind a paywall, but the ever-helpful Cameron Slater at Whale Oil comes to the rescue by copy/pasting all the best bits. Here’s Hide, 2014 style:

We desperately need the Russel-Norman. A tax to deal to a problem bigger than World War II, the Depression and the Plague all at once.

We must go Green, save the planet and get rich. What a plan! What a vision!

Years ago an old man grumbled to me. GST. Bah. He didn’t think taxing food was right. “What’s next? The air we breathe?” Nope. Our new tax is on a trace gas that we all breathe out.

But those of us with functioning memories will recall that back when Rodney was ACT leader and a minister in a National-led government — only six years ago — he was advocating that the Emissions Trading Scheme be dropped and replaced by — wait for it — a carbon tax. Here’s Rodney in 2010, talking to Guyon Espiner on TV1:

We don’t think we should be doing anything, but what we’ve said is, if you were going to do something, it would be far cheaper and far easier just to put a low tax across fossil fuels. That would achieve the same result, you could also subsidise forestry, and we’ve offered that up to the National Party as an alternative that would be easier. Why would it be easier? It would administratively much less costly, because you’d just put a tax across rather than try and operate a trading mechanism…

I think I sort of understand what’s going on in Rodney’s head. When he was trying to be an electable politician, he at least made an effort to make sense. Now that he’s just another libertarian ideologue with a soapbox he can say whatever he wants, and the green-hating rabid right so ably fed and watered at Slater’s blog will lap it up. Meanwhile, out in the real world, perhaps a carbon tax’s time has come…

TDB Today: Put a proper price on carbon Gareth Renowden Jun 05

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The Green Party’s shift to a carbon tax as their preferred measure to to bring down carbon emissions opens up some interesting possibilities, as I discuss in my Daily Blog post this week: Put a proper price on carbon or we’ll pay a proper price.

As long as governments have a completely free hand, and are backed by vested interests with deep pockets, they’ll screw up carbon policy. They’ll do it at every opportunity. So let’s take some of the levers out of their hands, and give them to someone with a legislated requirement to act in the best interest of all New Zealanders.

We do it for economic policy through the governor of the Reserve Bank of New Zealand. Why not for emissions reductions?

NZ Greens launch new climate policy: replace ETS with carbon tax and dividend Gareth Renowden Jun 02

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The NZ Emissions Trading Scheme has failed and should be replaced by a carbon tax, Green Party co-leader Russel Norman told the party’s annual conference yesterday [NZ Herald, Stuff]. Outlining the Green’s new Climate Protection Plan (pdf) Norman told delegates that the government’s mismanagement had “hollowed out and weakened [the ETS] to the point of redundancy, accelerated deforestation and driven up emissions.” If in government after September’s general election, the Greens would replace the ETS by a suite of policies built around a levy on greenhouse gas emissions, with revenues recycled to business and consumers through cuts in income taxes.

The key points of the new policy are (from the policy document):

  1. Set New Zealand on the path to be carbon neutral by 2050.
  2. Establish a Climate Commission to provide expert and independent advice to the government on: carbon prices, carbon budgets, and complementary measures to achieve carbon neutrality by 2050.
  3. Phase out the failed Emissions Trading Scheme and set an initial price on carbon:
    $25 per tonne on CO2 equivalent emissions for all sectors except agriculture and forestry. Dairy emissions will pay $12.50 per tonne. Forestry will be credited at $12.50 per tonne.
  4. Recycle all revenues raised from a carbon charge back to families and businesses through a $2,000 income tax-free band and a one percent company tax cut. A Climate Tax Cut. Households will be better off.
  5. Introduce a suite of complementary measures to support the rapid transition to a carbon neutral economy.

The tax and dividend scheme has been costed by independent economists BERL (report here). An average household will be over $300 better off per annum.

In addition to the new tax and dividend scheme, complementary measures which will help to reduce greenhouse gas emissions will include:

  • Aiming for 100% renewable electricity generation by 2030.
  • Extending the current home insulation scheme to another 200,000 homes.
  • Low cost loans for rooftop solar installations, and a requirement that power companies pay a fair price for electricity fed into the grid.
  • Incentives for the biofuels sector.
  • No new coal mines.
  • Reprioritise transport spending towards rail, bus and cycle use.
  • A Green investment bank to support low carbon, resource efficient projects.
  • An end to coal and oil subsidies.
  • A certification system for on-farm mitigation of agricultural emissions to allow farmers to claw back some of the carbon tax overheads.
  • A suite of measures to encourage forestry and afforestation, including giving credits for riparian planting to improve water quality.

The government’s mishandling of the ETS has been attracting strong criticism, with Herald economics editor Brian Fallow commenting that the scheme’s integrity “lies in an unmarked grave somewhere”. Recent revelations that big emitters were pocketing free emissions units and selling them at a substantial profit — effectively a direct subsidy of their carbon emissions — makes a transition to a carbon tax look a sensible course of action, though it remains to be seen if the Labour Party, who will be senior partners in any Lab/Green government, will adopt the policy.

One of the most interesting ideas is the creation of an independent climate commission to advise government. This how the Green’s policy document describes it:

The Green Party will establish an independent Climate Commission, composed of recognised experts on the subject of climate change and macro-economic policy. The Commission will become New Zealand’s foremost authority on climate change.

The Commission’s role will be to advise government on:

  1. The emission targets for 2020, 2030, and 2040;
  2. A National Carbon Budget, its component five-year budgets, and the amount that can be carried over between them;
  3. The price and price path settings for carbon;
  4. Complementary measures designed to reduce domestic emissions; and
  5. A national adaptation strategy.

Like the Parliamentary Commissioner for the Environment, the Climate Commissioner will advise government through annual reviews and self-initiated reports.

This has to be a good idea, and I hope it’s one that can find cross-party support. The creation of an independent body to assess the science, evaluate policy and advise government will help to take the politics out of the assessment of the risks climate change imposes. It won’t stop the arguments about policy, but that’s where the political debate needs to be focussed.

Overall, my impression is that this a carefully considered and constructed set of coherent policies that should deliver substantial emissions reductions without causing substantial economic dislocation. By adopting the thrust (if not the detail) of Jim Hansen’s tax and dividend approach, the Green Party has ensured that ordinary voters will benefit from reducing emissions. It will not be popular with the big emitters who have been profiting from a badly run ETS, but that’s probably a good thing.

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?

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