This could mean taxpayers would compensate corporations if exploration is unsuccessful. Resources Minister Shane Jones has stressed that no decision has been made yet, but the government accepts commercial exploration for new gas resources is unlikely without state support.
However, subsidising fossil fuel activities seems contrary to New Zealand’s recent international commitment to phase out incentives for the industry. It is also difficult to square with the government’s climate strategy to make clean energy abundant and affordable for everyone, announced last week as part of the second Emissions Reduction Plan for 2026–30.
Helping corporations potentially exploit new fossil fuel resources, thereby adding greenhouse gas emissions, may also be contrary to the government’s obligations under international human rights law.
Internalise profits, externalise costs
OK if they want us to cover the cost of failure then new Zealand owns half whatever is found.
Well, we already own it, just not know it was there.
So, we’d still be taking on all the risk and then have the privilege of giving half of it away.
That still sucks.
Yes, the corporations deserve the treaty, not the original inhabitants
When they won the election, I know I would be unhappy with this government. But fuck me, I absolutely despise the lot of them.
