The New Zealand government announced on 27 July that it has formally confirmed an agreement to provide up to NZ$60m (US$34.8m) to Golden Bay Cement after deciding against amending the New Zealand Emissions Trading Scheme (NZ ETS) to reduce the company's carbon costs.
Under the agreement, Golden Bay Cement will continue domestic clinker production until at least 2040 while investing a minimum of NZ$150m in its Whangarei plant. The government said targeted financial support represented the preferred option because altering the NZ ETS could have undermined the integrity of the scheme and established a precedent for other emissions-intensive industries.
