High Noon For Emissions Trading Scheme
By Political Correspondent Marie McNicholas at 1:01 pm, 21 Aug 2008
The fate of the Government's emissions trading scheme is about to be determined with the Green Party poised to say if it will support the legislation to set it up.
The support of both the Greens and Government support partner New Zealand First is crucial for the scheme to pass into law.
The legislation has been hanging in the balance since National pulled its support in May and minor parties got cold feet about the impact of the scheme on household budgets and concerns about its fairness.
However, Newsroom understands Labour has largely won over NZ First, partly on a promise of stronger review mechanisms in the legislation to ensure the new market works as intended, while the Green Party has been considering giving reluctant backing.
National's pledge to have their own scheme passed into law within nine months if elected would have added momentum to Labour's scheme once both NZ First and the Greens realised they may have no influence over the design of National's alternative.
The Greens have been holding out for changes to make agriculture do more sooner to pay for its greenhouse gas emissions.
They are about to announce their formal position at a news conference in Parliament.
(c) Newsroom 2008
