The Herald reports:
DairyNZ is not the only organisation to question the cost of the Zero Carbon legislation.
The bill’s regulatory impact statement (RIS) revealed that New Zealand’s economy could miss out on up to $50 billion worth of economic growth because of the Zero Carbon Bill.
The RIS, written by officials at the Ministry for the Environment, reveals that New Zealand’s economy will grow to $522 billion by 2050 if the zero-carbon legislation is not adopted and the status quo is maintained.
However, if the legislation does come into force – as it is expected to later this year – the RIS showed New Zealand’s GDP in 2050 will be between $472 billion and $476 billion.
That is a difference of $45 to $49 billion.
And that is an annual difference, not one off.
I understand it is even worse than that. The modelling is based on the assumption of technological breakthroughs. Without such assumed breakthroughs, the impact on GDP is much higher – more a 30% drop instead of 10%.
We’ll all be hugely poorer while China in two days will produce more emissions that all those saved by NZ.