For this mindset to succeed, the Government would need to: • explain the benefits to New Zealanders of funding offshore mitigation to help meet NDCs • recognise the co-benefits alongside the costs of both domestic and offshore mitigation • adopt strong standards and safeguards for offshore mitigation • use offshore mitigation to complement, not displace, ambitious domestic mitigation. [...] 12 New Zealand has committed to climate finance Under the Paris Agreement, New Zealand committed to provide climate finance of NZ$1.3 billion over 2022–2025 to developing countries with a strategic focus on the Pacific and on adaptation (Ministry of Foreign Affairs and Trade, 2022).17 The Government has signalled its intention to commit to post-2025 climate finance in the context of COP29 in Novem. [...] Clearly, important needs and opportunities exist for New Zealand to support off shore mitigation as a means of helping bridge both the immediate national gap to reach its 2030 NDC and the longer-term global gap to achieve the temperature goal of the Paris Agreement. [...] Both co-benefi ts and costs of mitigation should be recognised To avoid the pitfalls of Least-Cost Compliance, the Government will need to recognise the co-benefi ts alongside the costs of both domestic and off shore mitigation. [...] The Government should clarify the roles of the private sector and carbon markets To mobilise private-sector interest and investment in offshore mitigation, the Government should clarify the roles of the private sector and carbon markets in supporting mitigation transfers.
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Table of Contents
- Executive summary 3
- How Climate Cooperation overcomes the divide on off shore mitigation 5
- C L I M A T E C O O P E R A T I O N M I N D S E T 5
- Introduction 7
- Part 1 Global cooperation on climate change 9
- The global gaps 9
- Cooperation under Article 6 10
- Focus on Article 6.2 11
- Article 6 and the voluntary carbon market 11
- Part 2 New Zealands climate change commitments 12
- International commitments 12
- Domestic contribution 13
- Part 3 Moving forward under Article 6.2 15
- Government options for off shore mitigation 15
- Public mindsets on off shore mitigation 17
- Four competing mindsets 17
- Reasons for public resistance 19
- The shift to Climate Cooperation 21
- Enablers for actioning off shore mitigation 22
- Addressing public concerns 22
- C L I M A T E C O O P E R A T I O N M I N D S E T 24
- Conclusion 26
- Appendix Examples of agreements under Article 6.2 27
- References 28
- Endnotes 31
