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Q+A

Nicola Willis: Treasury’s briefing, smoking tax revenue, and the upcoming mini-budget

Nov 25, 2023
Nicola Willis discusses Treasury's briefing, smoking tax revenue, and the upcoming mini-budget. Topics include fiscal challenges of the new government, capital funding, eligibility of racing industry projects, increasing funding for IRD tax audits, rewriting the Firearms Act, lobbying and patient groups, funding farm-ac suticles, and achieving a 1.5-degree target for global warming at COP28.
54:18

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Podcast summary created with Snipd AI

Quick takeaways

  • The 2023 UN Climate Conference (COP 28) will focus on global warming and the need for drastic emissions reductions, with special attention to food and agricultural systems as major drivers of emissions.
  • The region of Tairāwhāiti, after being devastated by Cyclone Gabrielle, is in need of substantial funding for infrastructure repairs and aims to build resilience while reducing emissions in its farming and food systems, taking advantage of the discussions at COP 28.

Deep dives

COP 28 to be held in UAE and the implications for the forum

The 2023 UN Climate Conference (COP 28) is set to begin in Dubai, UAE, one of the world's largest oil-producing nations. Holding the conference in an oil-producing country raises questions about the value of the forum, but the UAE is considered broad-minded and capable of hosting such an event. The conference will focus on global warming and the need for drastic emissions reductions. While keeping global warming under the 1.5-degree target is seen as unlikely, countries are urged to make significant emissions cuts to mitigate the effects of climate change. One key area of focus at COP 28 will be food and agricultural systems, which are one of the largest drivers of emissions. New Zealand, with its agricultural industry, will need to address radical change and find ways to reduce emissions in farming. The conference will also address the credibility of countries like New Zealand, which has set goals but lag in reducing emissions. New Zealand's decision to reinstate offshore oil and gas exploration may undermine its climate credibility. The importance of carbon offsets, both voluntary and regulated, will be significant at COP 28, requiring countries to ensure credibility in their offset practices.

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