The Post coverage of CICTAR Methanexit report

The Wellington based paper, The Post has covered the latest report from CICTAR, developed in partnership with 350 Aotearoa and Common Grace Aotearoa.

The paper writes: ‘A new report questions whether New Zealand should be allocating millions in industrial carbon credits to the country’s largest gas user, Canadian firm Methanex and, should 2025 be a dry summer, whether the company’s declining financial situation will push it towards selling gas at even higher prices to local companies trying to fill power gaps.

Its authors are concerned the outdated industrial emissions allocation system could be propping an “inefficient, emissions-intensive company” that may have to rely on gas price speculation and profit-shifting to deliver future returns to shareholders.

The report also looks at the Methanex parent company structure to question whether the company is paying all the tax in New Zealand it should be.’