As part of its Public Good Programme, NZIER has released its second annual climate budget assessment.
The New Zealand Government has committed to net zero emissions by 2050 and a 50 percent reduction of gross emissions by 2030. However, New Zealand is behind the curve when it comes to reviewing the impact of its policies on the environment and behind our targets. Each Budget that fails to shift the dial closer to our Paris Agreement target trajectory will mean that successive governments will have to do more, which will result in a more rapid and expensive transition.
Using our framework, adapted from international assessment standards, NZIER found there was a minimal emphasis on environmental outcomes throughout Budget 2024 in terms of new initiatives; the majority have a neutral or unfavourable impact on emissions, with one having a positive outcome.