Nicola Willis: Treasury’s briefing, smoking tax revenue, and the upcoming mini-budget
Nov 25, 2023
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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.
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.
Recovery efforts in Tairāwhāiti after Cyclone Gabrielle
Following the devastation caused by Cyclone Gabrielle in Tairāwhāiti, the region faces the challenge of recovery and maintaining visibility for its needs. The election resulted in two new MPs representing the region, and their focus is on securing support and resources from the incoming government. Infrastructure, particularly roads, is a major concern as frequent floods damage transportation networks. The region requires substantial funding for repairs, estimated to be around $117 million. The overall goal for recovery is to build resilience and make Tairāwhāiti an attractive destination. The recovery efforts are collaborative, involving various organizations, mayors, and community input. The region's agricultural industry, including farming and food systems, will be reevaluated at COP 28 as a major contributor to emissions and climate change. It is crucial for Tairāwhāiti to find ways to reduce emissions while maintaining sustainable farming practices. The hosting of COP 28 in Dubai, a major oil-producing country, serves as a catalyst for intense discussions and commitments towards emissions reductions.
The challenge and credibility of achieving emissions reductions
Achieving significant emissions reductions is a major challenge addressed in the COP 28 discussions. The goal of keeping global warming under the 1.5-degree target is considered difficult but important. Recent reports highlight the need to cut emissions by 42% by 2030 to meet this target. New Zealand faces challenges in credibility due to its sett goals and limited progress on emissions reductions. The role of carbon offsets, both internationally and domestically, will be a key topic at COP 28. The credibility and transparency of offsets will be emphasized. New Zealand may need to purchase offshore credits to offset its emissions, but partnering with other countries and ensuring mutual benefits will be critical. The focus on radical changes in food and agricultural systems also presents challenges for New Zealand's agriculture sector, which will need to find new ways to reduce emissions while maintaining productivity.