7535 (2025). Chlöe Swarbrick to the Minister of Climate Change

7535 (2025). Chlöe Swarbrick to the Minister of Climate Change: What was the range of the potential fiscal costs, if any, of purchasing offshore mitigation to meet New Zealand’s first commitment under the Paris Agreement, according to the Treasury and the Ministry for the Environment’s 2023 analysis?

Hon Simon Watts: The 2023 Climate Economic and Fiscal Assessment (CEFA), a joint report by the Treasury and the Ministry for the Environment, estimated the total fiscal cost of purchasing offshore mitigation using illustrative scenarios for different combinations of volume and price to achieve New Zealand's NDC1. The fiscal costs estimated in these illustrative scenarios ranged from $3.3 billion to $23.7 billion. It is important to note that any estimate of cost is dependent on a variety of factors, including the amount purchased and the price of Carbon.