Collaboration key to attaining net zero goal - report
A new report from Energy Resources Aotearoa details how sharing best emissions-reduction practice across the energy resources sector and working constructively with Government will allow an affordable and orderly transition.
Fuelling the Energy Transition shows that collaboration between the Government and New Zealand’s energy resources sector could help save energy consumers up to $6.3 billion in the coming years as the country transitions to net zero carbon emissions.
Energy Resources Aotearoa Chief Executive John Carnegie says:
"New Zealand’s energy resources sector is committed to playing its part in our transition to a net zero emissions economy. Between 2010 and 2019, New Zealand’s oil and natural gas producers reduced their Scope 1 emissions by 34 percent, while continuing to invest in emissions-reducing practices and renewable energy."
The publication of Fuelling the Energy Transition coincides with the launch of a historic Energy Resources Sector Net Zero Accord. Signatories have agreed to establish a programme of work to share best practice and improve upon their emissions reductions to date as part of a managed, affordable, and durable transition to national net zero emissions by 2050.
"We are extremely proud of our sector’s commitment to continue to reduce emissions, understand and assist customers’ emissions reduction plans, and scale the use of emissions-reducing technologies across their businesses."
Carnegie says that the best way to ensure a continued supply of reliable, affordable and sustainable energy is to use the ETS to transition at the lowest possible cost to Kiwis and not unnecessarily narrow Kiwis energy options. Using other more expensive measures to achieve emissions goals exacerbates the current cost of living crisis.
"A reliable domestic supply of natural gas is going to be a vital transition fuel to and beyond our journey to a net zero emissions economy.
"Unlike many European countries that are now facing soaring energy bills, New Zealand is blessed with good sources of domestic energy resources such as natural gas. Appropriate policy settings would help keep prices down for consumers and shore up renewable electricity supplies when the lakes are low, and the wind is not blowing.
"Narrowing New Zealanders’ energy options has real costs that will be borne by consumers. Kiwi households, businesses, and industrial users are best served by having access to a broad mix of energy sources.
"While the initial signatories of this accord belong to New Zealand’s upstream oil and natural gas sector, we encourage businesses across our energy sector to join us. Together we can help New Zealand achieve net zero emissions by 2050," says Carnegie.
Energy Resources Sector Net Zero Accord
Fuelling the Energy Transition - Report summary