A prescription for net carbon neutrality by 2050

The Productivity Commission has laid out a detailed strategy to achieve net carbon neutrality by 2050 in its draft report, released today, on the transition to a low emissions economy.

Key elements are a strengthened Emissions Trading Scheme (ETS), a look-up-and-take-notice carbon price, a Zero Carbon Act supported by a Climate Change Commission, and mandatory climate-related financial disclosure.

Submissions close on 8 June. Final recommendations are due with the government in August.

The Commission has identified three principal drivers toward reducing greenhouse gas (GHG) emissions in New Zealand:

• afforestation – another 1.3 million to 2.8 million hectares in trees, most of the land converted from marginally profitable beef and sheep farms