PEPANZ welcomes Productivity Commission report

The Petroleum Exploration and Production Association of New Zealand (PEPANZ) has welcomed the Productivity Commission’s report into a low emissions economy with its emphasis on using the right policy tools.

“Using careful evidence and consultation is the right way to build long-term consensus on lowering our net emissions,” says PEPANZ CEO Cameron Madgwick.

“Unlike the arbitrary ban on oil and gas exploration, this report focuses on policies that will actually work such as new technologies, planting more trees and the transparent pricing of carbon through the ETS.

“It is very telling that in 508 pages the report makes no mention of an exploration ban, as clearly this will have no impact on our overall emissions and probably make them worse.

“We strongly agree with the need for clear signals for long-term investments.  Unexpected and surprise policy shifts increase uncertainty and undermine political consensus.

“As an industry we support the inclusion of agriculture in the ETS, the need to plant many more new trees and that carbon capture and storage has great potential. We would welcome new legislation to maximise the benefits from this technology.

“We will carefully work through the full report and take part in the consultation process. Our industry has an important role to play in this challenge and we look forward to engaging with the Productivity Commission.”