New Zealand First has announced it will support Labour's flagship emissions trading scheme, meaning the major climate change legislation will pass into law.
In a statement just released, the party said it faced the decision of whether to support a scheme over which it would have some influence, or to leave the country in a situation of uncertainty.
"We have secured a package that will ensure that all households wil receive a one-off payment to mitigate the impact of the ETS," leader Winston Peters said.
People on low incomes - including New Zealand superannuation - will receive what Mr Peters described as a "front-loaded CPI adjustment" to ensure that they keep ahead of the projected cost of the emissions trading scheme to their households.
As well, New Zealand First said a dedicated portion of the $1 billion energy efficiency fund that the Greens announced yesterday would go to SuperGold cardholders.
"The most critical aspect secured by New Zealand First was the introduction of a new requirement for the agriculture and industry allocation plans to be further scrutinised by a select committee and Parliament to ensure that as circumstances change, the ETS has the ability to meet these," Mr Peters said.
New Zealand First's decision to back the scheme means Labour now has sufficient support to pass it, after several months of intense negotiation.
That is good news for Prime Minister Helen Clark, who has been desperate to pass the major legislation since she made climate change a big part of her political agenda almost two years ago.
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