6. One Billion Trees Programme—Return on InvestmentHon PAUL GOLDSMITH (National) to the Minister of ForestryOne Billion Trees Programme—Return on Investment6. Hon PAUL GOLDSMITH (National) to the Minister of Forestry: How does he arrive at the conclusion that the $480 million odd dollars" accessed from the Provincial Growth Fund for forestry will lead to at least 2000 jobs unspecified commercial returns and other returns that he conceives to be "nigh on $3 billion" and specifically what are the components of the "nigh on $3 billion" sum?Hon SHANE JONES (Minister of Forestry): Mr Speaker after having reflected on yesterday's chastenment I shall be politic in this answer and not personally political. The figure of 2000—SPEAKER: Well that's noteworthy I'm sure. Hon SHANE JONES: The figure of 2000 jobs was arrived at after officials' advice and the CEO of Competenz identified that there is a substantial shortfall and that the billion-tree strategy will require at least 2000 people to come into the industry. This is also on top of the natural churn of over 4000 people as the industry replenishes itself. In respect of the sky-high figure for the New Zealand economy of $3 billion that comprises $2.7 billion which has been received from officials as a consequence of our billion-tree strategy. We will enjoy that upside only modestly reducing the bill left by the last regime of $32 billion left behind as a consequence of signing up to climate change obligations but doing very little at home. The remaining $300 million—and please indulge me sir—will naturally come from the upside of the overseas investment changes bringing the nephs off the couch and a host of other benefits that regional economies will enjoy as a consequence of the $480 million investment. Hon Paul Goldsmith: Is he happy to answer questions on this topic or is it a waste of his precious time to deal with such paltry and trivial matters? SPEAKER: Order! The member has used one supplementary now and if he wants to continue he will start again on another one.Hon Paul Goldsmith: How many hectares of trees did he put into the calculator to arrive at his $2.7 billion figure and what is the carbon price it's based on?Hon SHANE JONES: The billion-trees strategy covers the existing 500000 hectares the value of which will be increased as a consequence of our Provisional Growth Fund infrastructure interventions and the refinements from the Overseas Investment Office. In respect of the value of the carbon that work is under way and it would be unwise to speculate as to how far the value of carbon goes. We wouldn't want to unnecessarily spook that market. So the figure of $2.7 billion reflects the work of the both the current industry the new plantings and the improvements in the area of the Overseas Investment Office changes and legislative improvements.Hon Paul Goldsmith: Is the $2.7 billion extra worth of benefit verified by Treasury; and if so will he release all the official advice relating to the forestry investment?Hon SHANE JONES: In accordance with my largely transparent manner I will gladly provide at an appropriate time information which lies behind the analysis undertaken by my colleague Mr Shaw and myself on the question of exposing New Zealand industry to the full costs of the just transition. I am very forward in ensuring that stakeholders in New Zealand realise that this is a costly transition and the more support I enjoy through the billion-trees strategy the less the financial impost will be on other segments of the economy.Hon Paul Goldsmith: Given his reference to an open and transparent matter why has he still not released a single funding agreement for any of the projects funded by the Provincial Growth Fund despite many repeated requests?Hon SHANE JONES: Continuing uncharacteristically in a politic vein I would remind the House that in commercial transactions if I start there it is not appropriate to spill the innards of such transactions for short-term political parliamentary partisanship. That lowers the decorum of the House. In relation to other interventions in the broader Provincial Growth Fund the disclosure is work in progress but I'm confident that sooner rather than later the member's questions can be answered through better disclosure. But I would point out that where commercial sensitivity is at stake he should follow the advice of his former leader John Key.Hon Paul Goldsmith: Is the public entitled to know exactly where $3 billion is going to be spent over the next three years in terms of what specific arrangements have been made and what taxpayers are getting for the investment?Hon SHANE JONES: I couldn't agree more with the member's question. It is a significant amount of money. The Cabinet paper establishing the fund is already available. The processes and the investment statement released by myself two weeks ago are a clear reflection of the desire to be transparent but there is a caveat. A number of these transactions deserve to enjoy a certain level of confidentiality. That is the way of modern commerce. It may not be the way of rough parliamentary politics but I'll go with the former and not the latter."