What was New Zealand’s ranking in KPMG’s latest survey?

Highlights

• In KPMG’s of late released NZRI, NZ has secured ninth position worldwide.
• The agri-food market has topped in the decarbonisation readiness category.
• NZ’s pledge towards net zero does not compare with its supply capacity throughout the 5 greatest emitting industries since it still falls behind some of the nations that have not legislated.

Recently, KPMG released its first Net Zero Readiness Index (NZRI). As per which, New Zealand secured ninth rank worldwide. The country’s agriculture food space has ranked first in the category of decarbonisation readiness for farming, Land Use and Forestry.

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Which sector predominantly led to New Zealand’s prominent ranking in NZRI?

New Zealand’s agriculture sector has largely been reflective of net-zero readiness, as it has ranked first.

KPMG’s Global Head of Agribusiness Ian Proudfoot mentioned that NZ’ ranking demonstrated a greater level of forest biomass, reduced level of food loss and their relatively advanced number of agri-tech entities.

However, apart from the agriculture sector, NZ did not rank in top 5 of the other four carbon-emitting sectors like transport, electricity and heat, buildings and industry that were also assessed.

Do read; Which are 5 NZX agriculture stocks with 6-month yield?

What is NZ doing to achieve the feat?

He added that a lot of activities like the New Zealand Agricultural Greenhouse Gas research Centre in achieving net zero is being carried out. Such programmes can help the NZ agriculture sector to lead in the international arena for climate-aligned food and fibre production.

Apart from this, it has also been traced that NZ is one of the nine nations in NZRI which has established net-zero commitments that are legally binding. The nation is aware of the fact that political will is also one of the major aspects in its goal to propel net-zero emissions ahead.

Related article’ Is New Zealand on the right path to become a zero-carbon country?

Matt Prichard, KPMG’s Executive Chair, said that NZ ranking at number 9 was the evidence of its determination and hard work in its major sectors. It also demonstrates the country’s exclusive sense of kaitiakitanga, its pride in whenua and culture.

NZ also has passed the world’s first legislation, for example it has authorised the utilisation of two major programmes (Carbon Neutral Government Programme and Taskforce on Climate-Related Financial Disclosures recommendations).

NZ’s dedication does not compare with its supply capacity throughout the 5 greatest emitting industries since it still falls behind some of the nations that have not legislated net zero.  

Also read; Will EV Market Help New Zealand Reach Zero Carbon Level?

A little about NZRI

NZRI is a standard report assessing the growth made by 32 nations around the world with a mission to cut down on GHG or greenhouse gas emissions and evaluate their readiness to attain net zero by the year 2050.

The Index studies 103 indicators amid the country’s readiness and sector preparation and look into global expert opinions.    

Did you read; Budget 2021 To Aid NZ’s Goal Of Achieving Zero Carbon Emissions by 2050

Bottom Line

Achieving net-zero emissions is touted as aspirational but critical. The goal would call for a transformation throughout sectors, organisations, and markets on the whole. In sync with the government’s strategies, the requisite action could be taken.

With an equal contribution and help from sectors and businesses and holding all of them equally responsible towards the end goal is the need of the hour.