Correction: I had assumed that the y-axis on the graph - helpfully unlabelled - was millions of tons of CO2. But as pointed out on Hot Topic, it is more likely to be percentage of 2005 emissions. So, it doesn't show what I think it does; mea culpa, mea culpa, mea maxima culpa.
Back in 2007, National set a 50% by 2050 emissions reduction target:
National Party Leader John Key says his party will set a target of a 50% reduction in carbon equivalent net emissions, as compared to 1990 levels, by 2050. In shorthand: A 50% cut by 2050. 50 by 50.But their announcement on the ETS today suggests they have backed away from that target. Check out the graph on page 4 of the summary of ETS changes, which proudly states their phase out is "consistent with -50 by 2050". To help, I've added lines for gross and net 1990 emissions:
Some "consistency". National now seems to be aiming for a 2050 target which is higher than our net 1990 emissions - a target manifestly inadequate compared to the 80% - 95% reduction by developed nations recommended by the IPCC.