Oil and gas ban shows $28b blow to economy
Last year’s oil and gas exploration decision could cost the New Zealand economy $28 billion by 2050, according to a new study by the New Zealand Institute of Economic Research (NZIER).
“This is the first proper analysis of the wider impacts this decision will have and it is very sobering. It shows enormous damage to New Zealanders’ standard of living for no apparent environmental gain,” says Petroleum Exploration and Production Association of New Zealand (PEPANZ) CEO Cameron Madgwick.
“Exports are likely to fall by between and $3 billion and $10 billion, and the impacts will be particularly severe in Taranaki where the local economy could shrink by up to $40 billion.
“According to the report, ‘These are large GDP impacts… the decision drives a series of strongly negative economic impacts.’
“This will have real and long-term impacts on New Zealanders, hurting incomes and making us worse off as a nation.
“At the same time, according to the Government’s own advisers, global greenhouse gas emissions are likely to rise as we burn more coal and import more fuel from overseas.
“This is new information which was not available to the Government when the legislation was rushed through Parliament last year. It reinforces the need for an independent review and rethink of this policy.”
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Yeah, right, and 10 months ago Westpac published a report that there is a potential of a $30 billion benefit for faster climate change action.
https://www.westpac.co.nz/rednews/business/30-billion-benefit-for-faster-climate-change-action/
So we’d still be better off by $2 billion when going through with the oil and gas ban.
PEPANZ, you might want to start diversifying and making sure you’re on board and getting a slice of that pie. Also, I’m happy to take a hit on my income if it means we’re still going to have a world to live in. There’s no Planet B, not even for the rich ones with the fat bank account.