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Source: Reuters
A hefty climate change bill awaits taxpayers, according to a new report detailing proposed changes to the emissions trading scheme.
The Sustainability Council report says changes to the scheme will see taxpayers forking out 84% of the bill for meeting New Zealand's Kyoto Protocol obligations.
Current estimates say the country will exceed its carbon limit by 76 million tonnes, leaving taxpayers with a $1.9 billion debt.
Farmers, the major carbon emitters, will be subsidised by about $1 billion.
Other large industry emitters will receive subsidies of nearly $500 million.
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