Prices rise as New Zealand passes emissions trading scheme

Paul Chapman
London Telegraph
July 1, 2010

Petrol and power prices have risen sharply in New Zealand after the government introduced a controversial emissions trading scheme.

The government has pressed ahead with plans to slash the nation’s carbon output, despite widespread opposition and New Zealand’s larger neighbour Australia shelving its own scheme.

Motorists were hit by a 3c (1.4p) rise in the price of a litre of petrol overnight, while householders face a 5 per cent increase in gas and electricity prices.

It was the first step in a complex scheme, universally referred to as “the ETS”, to slash carbon emissions back to 1990 levels.

Some disgruntled consumers marked the launch by wearing T-shirts with the meaning of the letters changed to read “Extra Tax Sucks”.

Full article here

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