Thank you Catherine Beard. Catherine has analysed Treasury's latest calculations which show that New Zealand's Kyoto liability for breaching its greenhouse gas emission reduction targets has climbed a further $252 million to nearly $1 billion.
For the record, The Hive team think that these calculations remain conservative. If NZX and some of the environmental groups get their way, the price we pay for carbon credits will be almost double those used in Treasury's calculations. This would make the New Zealand liability closer to $2 billion.
