8. Climate Change—Carbon-neutral GoalTODD MULLER (National—Bay of Plenty) to the Minister for Climate ChangeClimate Change—Carbon-neutral Goal8. TODD MULLER (National—Bay of Plenty) to the Minister for Climate Change: Does he agree with the Prime Minister when she said that the world has already made the decision to transition out of fossil fuels?Hon JAMES SHAW (Minister for Climate Change): Yes I do—strongly. When the previous Minister for Climate Change Issues the Hon Paula Bennett signed the Paris Agreement on behalf of the National Government she committed New Zealand alongside 195 other countries around the world to achieving a net zero emissions economy in the second half of this century. It is technically not possible to achieve a net zero emissions economy and at the same time continue the use of fossil fuels. Therefore every country in the world has already made the decision to transition away from fossil fuels and I thank the former National Government for their part in that decision.Todd Muller: Does he stand by his statement of 18 December that the transition will take decades."; if so does he see natural gas as a critical transition fuel for developing countries?Hon JAMES SHAW: We have committed ourselves in New Zealand to a net zero emissions economy by the year 2050 so by definition that transition will be three decades to get to that point. We are asking the interim climate committee to take a good look at the energy system and what we need to do to transition to 100 percent renewable electricity generation by the year 2035. We are also doing other pieces of work to look at the use of fossil fuels—for example in industrial heat processing and in our transport energy mix as well.Todd Muller: Does he support exporting our natural gas resources to assist other fossil fuel economies to move away from coal?Hon JAMES SHAW: Ultimately 195 countries have made that commitment to hit net zero emissions in the second half of this century and so every country ultimately is committed to phasing out the use of fossil fuels. More than 50 countries from Sweden to Ethiopia including New Zealand—several US states even—have signed up to the Powering Past Coal Alliance. France is not granting any new permits and has set an end date for oil and gas exploration when current permits expire.Todd Muller: I raise a point of order Mr Speaker. I specifically asked: "Does he support exporting our natural gas resources to assist other economies to move away from coal?" and I got a—SPEAKER: It is fair to say that the question wasn't properly addressed. The Hon James Shaw have another go.Hon JAMES SHAW: Ultimately that market is going to dry up because other countries are as committed as New Zealand—195 other countries are as committed to phasing out the use of fossil fuels as New Zealand is—Brett Hudson: What a load of rubbish.Hon JAMES SHAW: Well they have signed up to the Paris Agreement and that does say that they want to get to net zero and in fact other countries are moving far more rapidly than New Zealand on this front. So if investors are looking for a kind of guaranteed bet—if they're actually looking for predictability about where to invest their money over the course of the coming decades—I would recommend that they put their money into renewable energy which needs to grow as a sector and which has I would say a very long and very happy future ahead of it.Todd Muller: Should New Zealand end oil and gas exploration?Hon JAMES SHAW: I have said on a number of occasions that it is inconsistent with a net zero emissions economy target to look for new oil and gas when your current reserves will actually get you to that point. So my advice has always been that we need to phase it out as fast as possible. Ultimately it is a matter for the Minister of Energy and Resources to decide on what happens between now and then in terms of new exploration. But I do think that if you look at the global situation we know that 80 percent of all existing oil and gas reserves around the world simply cannot be burned if we are to live within the 1.5 to 2 degree temperature target that's outlined in the Paris Agreement. I want to reinforce that point: it is completely inconsistent with trying to hit the Paris Agreement targets to continue to look for new oil and gas exploration. It just doesn't make sense."