Fitch Ratings has said today that its 2010 outlook for the New Zealand Power & Utilities sector is broadly negative, but some positive developments are likely to occur over the medium-term.

By Peter Wilson of NZPA

Wellington, Nov 25 NZPA - The Government's emissions trading scheme was passed into law today after months of controversy and two days of debate under urgency in Parliament.

The Government's Climate Change Response (Moderated Emissions Trading) Amendment Bill passed its third reading in Parliament today with the support of the Maori and United Future parties.

Hon Dr Nick Smith Minister for Climate Change

25 November 2009 Speech

Third Reading

Climate Change Response (Moderated Emissions Trading) Amendment Bill 2009

(Please check against delivery)

Mr Speaker, I move that the Climate Change Response (Moderated Emissions Trading) Amendment Bill 2009 now be read a second time.

This Bill is about implementing for New Zealand a workable and affordable emissions trading scheme.

New Zealand's role in global warming and its financial commitments are set to be lowered as a result of the afforestation provision the Maori Party has negotiated with the Government.

The Government appears to have negotiated support from the Maori Party for changes to the emissions trading scheme without input from officials.

Te Ururoa Flavell, MP for Waiariki

Thursday 24 September 2009

[acknowledgements to the passing of Sir Howard Morrison; Professor James Ritchie and Tikirau Stevens]

Business New Zealand welcomes the Climate Change Response (Moderated Emissions Trading) Amendment Bill as another step towards securing a more workable and measured introduction of carbon pricing into the economy.