The New Zealand Government’s climate change legislation has been passed into law.
“The Climate Change (Emissions Trading and Renewable Preference) Bill has implications for every household and the potential to change the make-up of the labour force as environmental factors gain increasing importance in business. It will eventually bring all sectors of the economy under a regime which sets limits on the amount of greenhouse gas they can emit. Those that breach their limit will have to buy credits from those that are below their cap. Electricity comes under it in 2010, transport in 2011 and agriculture in 2013.
“Climate Change Minister David Parker launched the third reading debate, saying he was proud New Zealand had risen to meet the greatest challenge facing the world.”
Parliament Passes Climate Change Bill, The National Business Review, September 10, 2008