In the face of skyrocketing petrol prices, the New Zealand government has said that it would delay the introduction of a new petrol rates under the emissions trading scheme (ets) for two years.
The proposed hike in petrol prices was part of a government plan to cap greenhouse gases emitted by all sectors of the economy. Under the plan, companies and government enterprises that exceed their caps can buy pollution credits from companies that stay within limits. The measure could add up to 8 New Zealand cents (23 us cents) a gallon to the price of petrol. Noting that petrol prices had jumped 20.5 per cent in the past 12 months, Prime Minister Helen Clark said: The steeply rising price of oil in the short term is effectively doing part of the job the ets is designed to do by slowing the rate of fuel consumption and emissions.
Under the Kyoto Protocol, New Zealand has pledged to reduce its greenhouse gas emissions back to the level of 1990 by 2012, or else face penalties.
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