New Zealand Steel will replace its coal-fired furnace with a renewable energy-supplied electric arc furnace in New Zealand’s largest-ever emissions reduction project. The project will aim to remove 800,000 tonnes of pollution annually, the equivalent of taking 300,000 cars off the road, and achieve over 5% of all required emissions reductions in the country between 2026 and 2030. The company will receive up to NZD140m ($99m) from the government Investment in Decarbonising Industry fund, with other parts of the budget footed by the firm. Christopher Luxon, the leader of the opposition National party, criticised the funding as “corporate welfare” that could have been spent on Kiwis coping with rising costs. However, the deal was funded by a contestable fund filled with money paid by polluting taxpayers according to the Emissions Trading Scheme.
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It is important that carbon credit schemes also benefit local communities.
The World Meteorological Organisation has stated that 193 countries have given unanimous backing to a scheme to monitor global greenhouse...
