1 00:00:00,200 --> 00:00:02,440 Speaker 1: Keeping track of where the money is flowing. 2 00:00:02,840 --> 00:00:08,760 Speaker 2: The Business Hour with Heather Duplicyl and Maz for insurance investments, 3 00:00:08,840 --> 00:00:14,480 Speaker 2: Julie Safer, You're in good hands. News talks Ben coming 4 00:00:14,520 --> 00:00:17,200 Speaker 2: up in the next hour, Genative trainee on Adrian or 5 00:00:17,320 --> 00:00:20,200 Speaker 2: threatening legal action and house prices being at the upper 6 00:00:20,320 --> 00:00:23,239 Speaker 2: end of sustainable, Milford Asset Management on the big shorts, 7 00:00:23,239 --> 00:00:25,680 Speaker 2: take on the AI stock value and Gavin Gray will 8 00:00:25,720 --> 00:00:27,160 Speaker 2: be with us out of the UK, and we'll definitely 9 00:00:27,200 --> 00:00:29,880 Speaker 2: talk about the BBC right now at a seven past six. Now, 10 00:00:29,960 --> 00:00:33,840 Speaker 2: climate Change Minister Simon Watts has made quite significant changes 11 00:00:33,880 --> 00:00:36,680 Speaker 2: to our climate laws. The emission's trading scheme no longer 12 00:00:36,720 --> 00:00:39,479 Speaker 2: has to align with the Paris Agreement, the public Service 13 00:00:39,520 --> 00:00:42,599 Speaker 2: doesn't have to be carbon neutral until twenty fifty and 14 00:00:42,680 --> 00:00:44,960 Speaker 2: the Climate Change Commission will no longer produce a draft 15 00:00:45,000 --> 00:00:47,920 Speaker 2: emission's reduction plan for the government. And Simon Watson is 16 00:00:47,960 --> 00:00:51,240 Speaker 2: with us now. High Simon, Hey, good evening, Heather. Now 17 00:00:51,280 --> 00:00:53,840 Speaker 2: why have you decided to decouple the ETS from the 18 00:00:53,880 --> 00:00:54,640 Speaker 2: Paris Agreement. 19 00:00:55,480 --> 00:00:59,680 Speaker 1: Well, first and foremost, the ETS deals with domestic commissions. 20 00:00:59,720 --> 00:01:03,800 Speaker 1: The Paris Agreement deals with international and so we've simply 21 00:01:03,840 --> 00:01:07,160 Speaker 1: just made the change which reflects the reality of how 22 00:01:07,160 --> 00:01:10,720 Speaker 1: the ETS works. It focus on domestic emissions reduction and. 23 00:01:11,000 --> 00:01:14,160 Speaker 2: Does it also allow you Is it not also practically 24 00:01:14,200 --> 00:01:17,080 Speaker 2: now allowing you to be able to buy offshore credits 25 00:01:17,200 --> 00:01:20,520 Speaker 2: rather than having to reduce your domesticssion. 26 00:01:21,200 --> 00:01:23,000 Speaker 1: It has nothing to do with that, And just for 27 00:01:23,040 --> 00:01:25,560 Speaker 1: the record, I think we've talked about that before. The 28 00:01:25,600 --> 00:01:29,679 Speaker 1: government doesn't have any plans in play at the moment 29 00:01:29,760 --> 00:01:32,920 Speaker 1: to do that right now. We're focusing on domestic emissions 30 00:01:32,920 --> 00:01:34,240 Speaker 1: reduction as the priority. 31 00:01:34,840 --> 00:01:36,959 Speaker 2: What's happened to the carbon price today as a result 32 00:01:37,000 --> 00:01:37,240 Speaker 2: of this? 33 00:01:38,800 --> 00:01:41,560 Speaker 1: Look, I haven't seen the latest number in terms of closing, 34 00:01:41,880 --> 00:01:43,959 Speaker 1: and I don't comment on the price in the market, 35 00:01:44,520 --> 00:01:46,440 Speaker 1: but look there's been you know, my price goes up 36 00:01:46,480 --> 00:01:47,800 Speaker 1: and down like any market. 37 00:01:48,120 --> 00:01:50,360 Speaker 2: And so does it fallen today. 38 00:01:51,400 --> 00:01:53,840 Speaker 1: I haven't got the latest numbers. It was some change 39 00:01:53,840 --> 00:01:57,040 Speaker 1: this morning, but in terms of this afternoon, my understanding, 40 00:01:57,040 --> 00:01:58,120 Speaker 1: it's firmed up a little bit. 41 00:01:58,240 --> 00:02:00,400 Speaker 2: Oh okay, So how much did it fall by the morning. 42 00:02:02,240 --> 00:02:05,480 Speaker 1: I don't hear that. I don't comment on the broader price. 43 00:02:05,560 --> 00:02:08,000 Speaker 2: I can tell us. I'm not asking you for your 44 00:02:08,040 --> 00:02:09,400 Speaker 2: take on I'm just asking you what you saw. 45 00:02:10,000 --> 00:02:13,640 Speaker 1: My understanding is that it's softened this morning and has 46 00:02:13,680 --> 00:02:16,720 Speaker 1: then recovered back up. So I think my understanding from 47 00:02:16,720 --> 00:02:18,399 Speaker 1: what I heard, it was about ten percent. 48 00:02:18,160 --> 00:02:20,800 Speaker 2: Down on the day, and the ETS is anyway, when 49 00:02:20,840 --> 00:02:22,799 Speaker 2: we can talk about the ETS another day. Now, why 50 00:02:22,800 --> 00:02:25,320 Speaker 2: did you push out the public service carbon neutrality from 51 00:02:25,400 --> 00:02:26,760 Speaker 2: this year to twenty fifty? 52 00:02:27,680 --> 00:02:29,760 Speaker 1: Oh yeah, I mean, Look, to be fair, there is 53 00:02:29,800 --> 00:02:33,840 Speaker 1: a huge amount of process and bureaucracy that's in play 54 00:02:33,880 --> 00:02:37,280 Speaker 1: with the climate change response. At from a public sector 55 00:02:37,360 --> 00:02:40,560 Speaker 1: point of view, everyone's focusing on twenty fifty. The last 56 00:02:40,600 --> 00:02:43,919 Speaker 1: government put in this objective to have them neutral by 57 00:02:43,960 --> 00:02:47,840 Speaker 1: twenty twenty five. That's not realistic. Our priority across the 58 00:02:47,880 --> 00:02:51,360 Speaker 1: public service is getting them focused on delivering good public 59 00:02:51,440 --> 00:02:53,840 Speaker 1: services for less money. 60 00:02:54,000 --> 00:02:56,640 Speaker 2: Far off being carbon neutral, were they like was it 61 00:02:56,680 --> 00:02:58,720 Speaker 2: within touch or was it just miles away? 62 00:03:00,120 --> 00:03:02,880 Speaker 1: Look, there's some parts of the sector, you know, you 63 00:03:02,880 --> 00:03:05,880 Speaker 1: think about all the coal burners and that in hospitals 64 00:03:05,919 --> 00:03:07,320 Speaker 1: and schools. You know, they've got quite a bit of 65 00:03:07,360 --> 00:03:09,200 Speaker 1: work to do in that space. But also some of 66 00:03:09,240 --> 00:03:12,160 Speaker 1: it's just not realistic or feasible right here right now, 67 00:03:12,680 --> 00:03:15,079 Speaker 1: and like as a government, we want them focused on 68 00:03:15,520 --> 00:03:18,440 Speaker 1: core public service delivery, and I've given them to twenty 69 00:03:18,520 --> 00:03:20,800 Speaker 1: fifty because guess what everyone else in the country is 70 00:03:21,080 --> 00:03:22,880 Speaker 1: targeting that the deadline as well. 71 00:03:22,919 --> 00:03:26,560 Speaker 2: So okay, why sideline the Climate Change Commission? If we've 72 00:03:26,560 --> 00:03:29,000 Speaker 2: got a climate change commission, why sideline it? Why not 73 00:03:29,040 --> 00:03:30,200 Speaker 2: just get rid of the thing altogether. 74 00:03:31,480 --> 00:03:33,280 Speaker 1: Look, there's been quite a few on the left that 75 00:03:33,360 --> 00:03:36,720 Speaker 1: have said that, and I don't subscribe. What we did 76 00:03:36,800 --> 00:03:40,000 Speaker 1: have in play is that we've got duplication. I do 77 00:03:40,080 --> 00:03:43,000 Speaker 1: a process to consult on my plan and the Climate 78 00:03:43,040 --> 00:03:47,400 Speaker 1: Change Commission exactly the same time consults on their plan, 79 00:03:47,480 --> 00:03:50,760 Speaker 1: and it ends up just being you know, duplication and 80 00:03:51,240 --> 00:03:53,920 Speaker 1: the waste of effort. I've said, look, you guys don't 81 00:03:53,960 --> 00:03:57,080 Speaker 1: need to do that. I'll consult with the public and 82 00:03:57,120 --> 00:03:59,480 Speaker 1: by the way, you use that time and capacity to 83 00:03:59,720 --> 00:04:02,800 Speaker 1: just be on other aspects. There's a lot of duplication 84 00:04:03,480 --> 00:04:05,040 Speaker 1: in this process. I'll tell you there's a lot of 85 00:04:05,040 --> 00:04:07,360 Speaker 1: bureaucracy as well, and I'm just taking a clean look 86 00:04:07,360 --> 00:04:09,120 Speaker 1: at it and going, look, let's cut ahold of the 87 00:04:09,160 --> 00:04:12,600 Speaker 1: stuff out that's not adding value, because guess what, you know, 88 00:04:13,200 --> 00:04:15,520 Speaker 1: we can't afford to be wasting money on stuff that 89 00:04:15,560 --> 00:04:16,880 Speaker 1: we don't need. 90 00:04:16,720 --> 00:04:18,400 Speaker 2: To be doing fair enough now. All of the stuff 91 00:04:18,440 --> 00:04:22,320 Speaker 2: is defendable. So why were you a bit shady about 92 00:04:22,320 --> 00:04:24,120 Speaker 2: it last night? Why pop it up on the Beehive 93 00:04:24,160 --> 00:04:26,400 Speaker 2: website and not send a press release out to everybody 94 00:04:26,440 --> 00:04:27,159 Speaker 2: like you always do? 95 00:04:27,839 --> 00:04:30,840 Speaker 1: Ah here there, I'm not being there's nothing shady about this. 96 00:04:31,000 --> 00:04:34,039 Speaker 1: The market closes at eight o'clock. Because the stuff is 97 00:04:34,080 --> 00:04:37,320 Speaker 1: considered market sensitive, I'm not allowed to release it until 98 00:04:37,400 --> 00:04:40,200 Speaker 1: the market closers. We sent it out. We sent it 99 00:04:40,240 --> 00:04:41,440 Speaker 1: out to a select number of. 100 00:04:42,040 --> 00:04:45,080 Speaker 2: That's my question topic. What did you send it out 101 00:04:45,120 --> 00:04:45,320 Speaker 2: to each? 102 00:04:46,880 --> 00:04:48,400 Speaker 1: Look, we sent it out. It was put on the 103 00:04:48,400 --> 00:04:50,919 Speaker 1: public on the Beehive. I'm not trying to hide anything here. 104 00:04:51,480 --> 00:04:53,159 Speaker 1: I get a lot of hassle something just so you 105 00:04:53,200 --> 00:04:55,760 Speaker 1: know on people going were you're sending out too many. 106 00:04:55,560 --> 00:05:00,080 Speaker 2: People come off. If I was your press secretary, I 107 00:05:00,080 --> 00:05:03,240 Speaker 2: would have said to you now, minister, I will make. 108 00:05:03,160 --> 00:05:05,600 Speaker 1: Sure you get it next time here, though, will everyone? 109 00:05:05,680 --> 00:05:07,120 Speaker 2: Because I would have I would have said it. Because 110 00:05:07,120 --> 00:05:09,120 Speaker 2: I mean, it's not that I really care, but because 111 00:05:09,600 --> 00:05:11,640 Speaker 2: I would have said to you send it out to everyone. 112 00:05:11,760 --> 00:05:14,159 Speaker 2: Otherwise you're going to be accused like you are today 113 00:05:14,200 --> 00:05:17,240 Speaker 2: by stuff of being a bit weird and shady, so 114 00:05:18,120 --> 00:05:19,040 Speaker 2: we not run that. 115 00:05:20,000 --> 00:05:23,359 Speaker 1: We signaled the intent clearly to the market participants. We 116 00:05:23,400 --> 00:05:27,360 Speaker 1: sent the information out and the official announcement was also 117 00:05:27,480 --> 00:05:29,960 Speaker 1: on all the websites and all that, So not a 118 00:05:29,960 --> 00:05:30,440 Speaker 1: big issue. 119 00:05:30,600 --> 00:05:32,840 Speaker 2: It just defended. I mean, you've got good ground here, right, 120 00:05:33,440 --> 00:05:35,640 Speaker 2: Thank you, Simon, appreciate your time. As always, Simon, what's 121 00:05:35,640 --> 00:05:38,719 Speaker 2: the climate change minister? I'm going to be honest with you. 122 00:05:39,640 --> 00:05:42,120 Speaker 2: It wasn't trying. It was no gotcha there. I was 123 00:05:42,160 --> 00:05:43,880 Speaker 2: literally just trying to get him to do my work 124 00:05:43,880 --> 00:05:45,440 Speaker 2: for me. But then he wasn't going to do my 125 00:05:45,520 --> 00:05:47,720 Speaker 2: work for me. So I did the work so well, 126 00:05:47,760 --> 00:05:49,960 Speaker 2: actually I'm not even gonna lie. Laura did the work. 127 00:05:50,040 --> 00:05:52,120 Speaker 2: So Laura looked it up. So here's what happened with 128 00:05:52,160 --> 00:05:54,760 Speaker 2: the carbon price. It went down twenty percent, and then 129 00:05:55,240 --> 00:05:57,000 Speaker 2: there was at the start of day, then it recovered 130 00:05:57,000 --> 00:06:00,240 Speaker 2: and now it's down ten percent. So for more from 131 00:06:00,320 --> 00:06:03,440 Speaker 2: Heather Duplessy Allen Drive, listen live to News Talks it 132 00:06:03,600 --> 00:06:07,680 Speaker 2: B from four pm weekdays, or follow the podcast on iHeartRadio.