New Zealand to scrap green policies in bid to boost economy 

It grew just 0.3% in the year to March 2024, the lowest growth since the pandemic, and faces a 6.8% current account deficit.

Also read: New Zealand’s 2035 emissions target at risk despite short-term climate progress

“The economic situation is arguably the worst of the set of circumstances that I can remember in my adult life,” Resources Minister Shane Jones told Reuters. 

“So when the opportunity arose to champion the re-emergence of the mineral sector it was driven by quite a brutal understanding of what our economic situation is,” he added.

A recent report from the Climate Commission highlights significant risks to New Zealand meeting its 2030 and 2035 domestic emission targets, including reductions in methane from animals and waste. 

The report warns that failing to meet these targets could increase the need for costly offshore mitigation. The Treasury estimates such measures could cost up to NZ$23.5 billion ($14 billion).

Also read: New Zealand Super Fund targets sustainable growth with new equity investment focus

The government aims to double mineral exports to NZ$2 billion over 10 years and has announced a review of its resources. 

Additionally, it proposes a fast-track consenting process that would let projects like mine bypass current regulations if they receive ministerial approval.