NZIER report shows $28b blow to economy from oil and gas ban
Last year鈥檚 oil and gas exploration decision could cost the New Zealand economy $28 billion by 2050, according to a new study by the New Zealand Economic Institute for Economic Research (NZIER).
鈥淭his is the first proper analysis of the wider impacts this decision will have and it is very sobering. It shows enormous damage to New Zealanders鈥� standard of living for no apparent environmental gain,鈥� says Petroleum Exploration and Production Association of New Zealand (PEPANZ) CEO Cameron Madgwick.
鈥淓xports are likely to fall by between and $3 billion and $10 billion, and the impacts will be particularly severe in Taranaki where the local economy could shrink by up to $40 billion.
鈥淎ccording to the report, 鈥楾hese are large GDP impacts鈥� the decision drives a series of strongly negative economic impacts.鈥�
鈥淭his will have real and long-term impacts on New Zealanders, hurting incomes and making us worse off as a nation.
鈥淎t the same time, according to the Government鈥檚 own advisers, global greenhouse gas emissions are likely to rise as we burn more coal and import more fuel from overseas.
鈥淭his is new information which was not available to the Government when the legislation was rushed through Parliament last year. It reinforces the need for an independent review and rethink of this policy.鈥�
The research was commissioned by PEPANZ and is available here. 聽