Norman Russel: Oral Questions — Questions to MinistersText is incorporated into the Bound VolumeNorman Russel: Oral Questions — Questions to Ministers[Sitting date: 16 June 2015. Volume:706;Page:4399. Text is incorporated into the Bound Volume.]12.Dr RUSSEL NORMAN (Green) to the Minister for Climate Change Issues: Does he agree with the finding in the latest Mercer climate investment report that “New Zealand is the most vulnerable of the developed market sovereign bonds due to a higher proportion of the population living in low-lying areas as well as a higher dependence of national GDP on the agriculture sector”; if so has he received any advice or information on the economic impacts of climate change in the last 12 months?Hon TIM GROSER (Minister for Climate Change Issues): I regard that report as ludicrous on multiple levels. First of all there are a range of reasons that any bondholder would take into account before making a rational decision. The average maturity of a New Zealand sovereign bond is 6 years. There will be an imperceptible rise in New Zealand’s ocean level. I think that investors will be looking at the strong economic fundamentals of New Zealand and not at this report.Dr Russel Norman: I raise a point of order Mr Speaker. The question had two legs. The Minister certainly addressed the first one. He thought it was ludicrous. He did not address the second leg.Mr SPEAKER: Order! I will hear from the Minister.Hon TIM GROSER: Quite apart from the fact that of course there is a well-established principle that we need only answer one question in a multiple question it was conditional on a certain response to the first which I rejected.Mr SPEAKER: On the first point the Minister is wrong. A primary question can have two legs and it did have two legs. But on this particular occasion the Minister clearly said that he did not agree with the reports using words like “it was ludicrous” or words to that effect in which case he did not have to address the second part of the question in my opinion. The member might want to take the issue further forward with a supplementary question.Dr Russel Norman: Is the Minister for Climate Change Issues doing his job when the Minister of Finance in answer to multiple written questions said that he has received no advice from the Minister for Climate Change Issues or from anyone else in the last 12 months on the economic impacts of climate change?Hon TIM GROSER: Well I will leave it to the Prime Minister to decide whether I am doing my job. But the Minister of Finance and I regularly consult on the economic impact of climate change proposals including some of the more ridiculous proposals put forward by the member.Dr Russel Norman: Will his strategy of ignoring climate change increase or decrease the future financial risks we face as a nation from climate change?Hon TIM GROSER: I believe that the policies that this Government is following which are concentrating overwhelmingly on the real source of the problem which is the global response will make a significant contribution to this. With regard to adaptation I think there is still a lot of work to be done by New Zealand over the next 20 to 50 years and I am very open to debate on that matter.Dr Russel Norman: Why is this Government doing next to nothing on climate change in terms of reducing our emissions when one of the largest financial consulting firms in the world Mercer is saying that our climate risk profile is one of the worst in the developed world; and do not boulders on the roads next to the beach tell him anything about the way the world might change?Hon TIM GROSER: The boulders on the beach at Lyall Bay do remind people of the need to be a little bit careful when going down there during storms. What the Government is doing is a careful policy of trying to balance economic risks with a responsible attitude towards climate change. We will meet all our international obligations that we have committed ourselves to.