The Zero Carbon Bill provides a framework to support the country to prepare for and adapt to the effects of climate change and contribute towards keeping global warming below 1.5C.
Climate Change Minister James Shaw said: “This is a historic piece of legislation and is the centrepiece for meaningful climate change action in New Zealand.
“Today we take a significant step forward in our plan to reduce New Zealand’s emissions.
“The Bill belongs to New Zealand and together we have ensured law that ensures we shift towards a low emissions country that keeps us all safe. The budgets provide the pathway towards the 2050 target and confidence for New Zealanders that we are moving towards a more climate-resilient future.”
Other initiatives planned by the government include the strengthening of the Emissions Trading Scheme and inclusion of agriculture in emissions pricing by 2024, planting one billion trees by 2028 and investing in green hydrogen and biofuels, with the aim of 100% renewable electricity generation by 2035.
In addition, it has set out proposals to make electric and low emission vehicles more affordable and the establishment of a $100 million Green Investment Fund.