Every tramper knows the value of good gear. A well-designed backpack that distributes the weight to the areas of greatest strength can transform the experience of a challenging bushwalk.
The changes to the New Zealand Emissions Trading Scheme (NZ ETS) announced by the government last month will usefully equip the system for the journey to net-zero domestic emissions. Like a good backpack, they offer a sturdy framework for distributing mitigation responsibilities and costs across the economy. However, we still do not know what route lies ahead, what pace we will set, what provisions will sustain our efforts, and who will carry the heaviest weight.
The government has not altered our path through 2020. What longer-term changes can we expect to see in the NZ ETS?