Submission by to the Environment Committee on the

Submission by to the Environment Committee on the Inquiry into Climate Adaptation November 2023 SUBMISSION BY BUSINESSNZ1 TO THE ENVIRONMENT COMMITTEE ON THE INQUIRY INTO CLIMATE ADAPTATION 1.0 EXECUTIVE SUMMARY 1.1 BusinessNZ welcomes the opportunity to submit to the Environment Committee on the Inquiry into Climate Adaptation (“the Inquiry”) of which the Terms of Reference were released on 24th. [...] While there will always be debate as to the precise impact of the earthquakes on the economy, both in the short and in the medium term, there is general consensus that the impact was significant. [...] This is 12 a substantial flaw and serves (and will continue to serve) to depress necessary economic activity.5 2.35 The persistent and ongoing departure from the principle of consent to the diminution of private interests in the name of the public interest, and the provision of compensation when this occurs, has created an enduring and deep-seated dissatisfaction among the business community with. [...] 2.40 The claims’ process would not be costless and both parties would need to assess the value of the compensation sought, the likelihood of gaining (or paying) compensation and the cost of participation. [...] the more elevated view of the appellate court makes it easier to extract principles of general application, and decisions are more likely to be stated in terms which allow people to predict how the law will work in the future, and h.