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Doubt surrounds chances of carbon credits auction selling out (www.rnz.co.nz)

submitted 11 months ago by Dave to c/politics

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The government will find out at noon today whether it has reaped about $1 billion from selling carbon credits, or whether it earned nothing and will have to wait until next year.

The income will be at least partly used to fund National's promised tax cuts.

The Emissions Trading Scheme requires many big fossil fuel polluters, including petrol and electricity companies, to give up one carbon credit for every tonne of carbon dioxide they emit. The annual supply of credits is capped, and the government sells them at quarterly auctions.

The money used to be ring-fenced for things like retiring coal boilers and helping towns adapt to extreme events, but that won't be the case under the coalition.

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[–] Dave 3 points 11 months ago (1 children)

The government is getting creative to pay for tax cuts. Not just encouraging more young people to take up smoking, but also using carbon credit money for tax cuts instead of climate change.

I'd suggest removing the requirement to wear seat belts would be a good next step, saving hundreds of millions in ACC and hospital costs.

[–] evanuggetpi 2 points 11 months ago

it's all so rage-inducing.

[–] Rangelus 3 points 11 months ago

A week in and already a clown show. smh