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Under the 1997 Kyoto Protocol, New Zealand promised to reduce emissions to 1990 levels by 2008-12 .These days, New Zealand is promising to cut its emissions to 5 percent below 1990 levels by 2020 still 95 percent away from Clark's earlier target. Real emissions in 2020 will in fact be more than 23 percent above 1990 levels.Strip away the statistical legerdemain and New Zealand will be a whopping 123 percent off Clark's vision of zero emissions in 2020 .A government-commissioned report by the respected New Zealand Institute of Economic Research shows that just reducing emissions to 50 percent of 1990 levels in 2050 would cost 28 billion New Zealand dollars ($19.2 billion) annually by 2050 . According to the NZIER report, getting all the way will cost more than NZ$85 billion annually, or 16 percent of projected GDP, by 2050 .The main economic models assessing the EU plan to reduce emissions by "merely" 80 percent by 2050 show average costs of $1.4 trillion per year.
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