Mike Bain/cvnznews.com
The Conservative Party says New Zealand has been giving away its natural wealth for too long and is promising a dramatic new approach aimed at turning the country’s resource sector into a long-term national investment fund.
The party has launched its “Securing Our Future with Natural Resources” policy, arguing that successive governments have failed to ensure New Zealanders receive a fair return from the extraction of oil, gas and other natural resources.
Conservative Party leader Helen Houghton said New Zealand should look to Norway’s example, where oil and gas revenues have been transformed into a sovereign wealth fund worth trillions of dollars.
“New Zealand’s natural resources belong to the New Zealand people,” Houghton said. “If New Zealanders want meaningful investment in health, education, superannuation and infrastructure, this is the way to do it.”
Under the proposal, the Conservatives would establish a public-private natural resource joint venture model designed to encourage new oil and gas exploration while ensuring a share of profits is retained in a national investment fund for future generations.
The party believes such a fund could help restore budget surpluses, create highly paid jobs and encourage skilled New Zealanders living overseas to return home.
The policy represents a significant departure from the direction taken by recent governments.
The Conservatives would withdraw New Zealand from the Paris Climate Agreement, abolish the Emissions Trading Scheme and introduce a new royalty and taxation system for resource projects. They also want environmental bonds lodged by developers to ensure rehabilitation costs are covered without leaving taxpayers exposed if a company collapses.
Fuel security is another major focus.
The party proposes acquiring a fleet of oil tankers to strengthen fuel reserves while supporting the eventual construction of new domestic refining infrastructure capable of processing both New Zealand and imported crude oil.
The plan places the Conservatives in stark contrast to Labour and Green Party policies, which have generally focused on reducing fossil fuel dependence and accelerating the transition to renewable energy.
Supporters argue New Zealand is sitting on untapped wealth that could strengthen the economy for generations.
Critics are likely to question whether expanded oil and gas development aligns with global efforts to reduce carbon emissions and meet climate commitments.
With the election campaign under way, the policy presents voters with a fundamental question: should New Zealand leave more resources in the ground, or use them to build a national nest egg similar to Norway’s?
For the Conservatives, the answer is clear.
The country’s natural wealth should be working for New Zealanders.
