Experts call NZ First's $1 billion oil and gas plan a high-risk gamble for New Zealand's climate goals

New Zealand First is pushing a $1 billion oil and gas exploration policy that experts describe as a very high-risk way to spend public money. The proposal would fund new drilling in a country trying to meet its emissions targets under the Paris Agreement. Critics argue the investment locks in fossil fuel infrastructure for decades and undermines progress on renewable energy and grid decarbonization. The policy has drawn sharp reactions from climate analysts and energy economists. They point out that global demand for oil and gas is expected to peak within the next decade, making long-term returns uncertain. Meanwhile, New Zealand already generates over 80% of its electricity from renewables. Spending $1 billion on fossil fuels rather than storage, grid upgrades, or efficiency could slow the country's shift to a low-carbon economy. Supporters say the plan could boost energy security and create jobs in regions like Taranaki. But the article highlights a lack of detail on how the investment aligns with New Zealand's legally binding emissions reduction goals. Readers should watch for whether the government provides a cost-benefit analysis that includes climate risk.