3. Question No. 3—EnergyHon Dr MEGAN WOODS (Labour—Wigram) to the Minister for EnergyQuestion No. 3—Energy3. Hon Dr MEGAN WOODS (Labour—Wigram) to the Minister for Energy: What are the total emissions reductions that will result from the doubling of renewable energy that was promised by the Prime Minister?Hon SIMEON BROWN (Minister for Energy): Our commitment to doubling renewable energy will provide businesses with the investment certainty they need to make the switch to renewable energy which will ensure emissions reductions. We have started work on updating the national policy statement for renewable electricity generation to make it easier to consent renewable energy. Part of that work will include getting that advice. I note that the Boston Consulting Group study The Future is Electric found that electrification could reduce annual carbon emissions by 22 million tonnes in 2050.Hon Dr Megan Woods: What percentage of New Zealand's greenhouse gas emissions come from the energy sector?Hon SIMEON BROWN: Now what percentage of our energies is about 50 percent.Hon Dr Megan Woods: Can he confirm that the percentage of New Zealand's greenhouse gas emissions that come from the electricity generation is 5.7 percent whereas the percentage of New Zealand's greenhouse gas emissions that come from the energy sector is 40.6 percent?Hon SIMEON BROWN: Well as the member rightly knows those are very good statistics and I'm sure she's correct.Hon Dr Megan Woods: What other policies then does the Government have to reduce the 40.6 percent of New Zealand's emissions that come from the energy sector given that the Minister's own officials advise that only 5.7 percent of New Zealand's greenhouse gas emissions come from electricity generation and the Climate Commission advised complementary measures to the emissions trading scheme (ETS) are required to shift industrial and process heat from carbon sources?Hon SIMEON BROWN: Well as the member will know—being a former Minister for energy—the electrification of our economy is going to require a significant amount of more electricity to be generated. That is why we have a policy of updating the national policy statement for renewable electricity generation to double renewable energy in New Zealand. And it's not just for electricity supply now but for all of the other activities that it's going to be required—in transport and industry and energy all of those other factors—and I thought the member might know that.Hon Dr Megan Woods: Point of order Mr Speaker. Mr Speaker I did actually ask a very specific question and it was around policies that are going to be required to move energy emissions over to electricity.SPEAKER: Look yep. Stop arguments and save time. It was a very long question. Can you ask it concisely again?Hon Dr Megan Woods: OK. What policies does the Government have to move industrial and process heat coming from fossil fuel sources to electrification?Hon SIMEON BROWN: Well this Government will use the emissions trading scheme which is a critically important tool—and a critically important market-based tool—to help move New Zealand and bend the curve of emissions down. That Government over there wanted to subsidise wealthy businesses with profitable businesses using taxpayers' money. We'll use the emissions training scheme as the key tool.Scott Willis: What is his plan to fix market imbalances in an electricity market dominated by four gentailers which today's Generating Scarcity 2023 report shows has stifled investment in renewable electricity generation and resulted in billions of excess dividends to shareholders all while thousands of New Zealanders struggle to heat their homes?SPEAKER: I appreciate that's the member's first question but it's a very long one and contained quite a degree of statement. So just work that one through in the future but the Minister will now answer.Hon SIMEON BROWN: Well thank you and it's a very good question. But what is stifling the market was this former Government's Lake Onslow—SPEAKER: Yep you're not talking about them.Hon SIMEON BROWN: —programme: $16 billion which was actually stifling investment—SPEAKER: Yep that'll do. That's enough.Hon Dr Megan Woods: Can he confirm that for the ETS alone to shift industrial process heat to electrification the price needs to be in excess of $200 a tonne and can he advise New Zealanders what it will do to their electricity and petrol bills at that price?Hon SIMEON BROWN: What I can confirm is this Government is going to have the tools and the policies to double renewable energy in New Zealand so we can electrify our economy. What I will say though to the businesses—the profitable businesses—which were receiving subsidies under that Government they will not be receiving them under this Government. They should be making those investments themselves. [Interruption]SPEAKER: Very good thank you. We'll call question No. 4.