Second report on Government Target 9 released
September 2024 quarterly update on New Zealand's progress towards reducing emissions and reaching the Government’s public service target for climate change.
The second quarterly report on progress towards the nine Government Targets has been published.
The Government set these targets earlier this year to focus the public sector on achieving improved results in health, education, law and order, work, housing and the environment.
Target 9 is to reduce net greenhouse gas emissions, with total net emissions of no more than 290 megatonnes from 2022 to 2025 and 305 megatonnes from 2026 to 2030.
New Zealand’s overall progress towards Target 9 remains assessed as ‘on track/probable’ for the quarter ending September 2024.
During the quarter, the Government updated New Zealand’s Emissions Trading Scheme (ETS) unit settings to provide more certainty to the ETS market. The number of ETS units that will be available between 2025 and 2029 has been reduced from 45 million to 21 million, to reduce oversupply.
This quarterly report reflects interim emissions projections as of July 2024. This means there are no changes to the underlying projections for this quarter, compared to last quarter. The Government will finalise the second emissions reduction plan soon and this will include updated emissions projections. These will be reflected in the next Target 9 quarterly report.
Remaining 'on track'
The country remains ‘on track’ to meet its first emissions budget for 2022 to 2025, the first part of Target 9. The central estimate of the projections show we can meet the second emissions budget between 2026 and 2030, with the additional policies proposed in the Government’s second emissions reduction plan discussion document.
Emissions reduction plan
The second emissions reduction plan is an important part of the Government's climate change response and will be key to helping New Zealand to meet the second emissions budget and Target 9, alongside other policies such as the Emissions Trading Scheme.
Achieving Target 9 will mean we meet New Zealand’s first two emissions budgets. This in turn keeps the country on track towards our 2050 net zero target.
Net zero by 2050 means that climate pollution, apart from biogenic methane, will be balanced by reducing emissions and removing greenhouse gases from the atmosphere, for example, through growing trees.