New Zealand has announced new CO2 emissions targets at the UN climate Change Conference in Paris.

New Zealand is to reduce greenhouse gas emissions to 30 per cent below 2005 levels, by 2030, a significant increase on our current target of five percent below 1990 emission levels by 2020, says Prime Minister John Key.

'While New Zealand's emissions are small on a global scale, we are determined to make a strong contribution to the international effort,” says John.

'We wanted to ensure our target was achievable and didn't impose unfair costs on any particular sector or group.

'New Zealand wants a deal that puts the world on a pathway towards limiting global temperature rise to no more than 2°C.”

New Zealand faces unique domestic challenges in reducing greenhouse gas emissions, says John. Almost 80 per cent of NZ electricity already comes from renewable energy. Around half the NZ emissions are from agriculture, where there are not yet cost effective technologies to reduce emissions, says John.

'But we are working hard to change that.”

The Government will invest $20 million over four years in the Global Research Alliance on Agricultural Greenhouse Gases, which works to reduce emissions from livestock, cropping and rice production.

New Zealand will also pay up to $200 million for climate-related support over the next four years, the majority of which will benefit Pacific nations, says John.

This builds on the $65m New Zealand has already spent over the last three years to help Pacific Nations secure reliable and clean energy.

'New Zealand has been at the forefront of efforts to shift the Pacific from reliance on fossil fuels to renewable electricity,” says John. 'This work to address energy insecurity and build resilience will continue as we step up our support for climate change adaptation.”

New Zealand is also taking a strong lead in the global push for the removal of fossil fuel subsidies.

'Earlier today I delivered UNFCCC Executive Secretary, Christiana Figueres, a message on behalf of close to 40 nations calling for the removal of fossil fuel subsidies,” says John.

'Countries subsidised fossil fuels to the tune of US$500 billion in 2014. Removing these subsidies frees up money which would be better spent on low-carbon energy, health or education.

'It also makes no sense to be calling for emissions reductions on one hand, while subsidising emissions on the other.”