The Government has called a halt to any increases in Emissions Trading Scheme charges and the status quo will prevail until at least 2015, except for the softening of some provisions.
We can only hope that by then the Government will have renounced the 1997 Kyoto Protocol - as Canada has already done - and entirely dumped the ETS, which is the biggest rort perpetrated on mankind for centuries.
For those of us who have known for years that man-made carbon dioxide emissions have nothing to do with global warming, and who recognise that unnecessary international carbon trading schemes are wide open to abuse, this is good news.
What has happened is that so-called global warming has created an international hysteria, encouraged by scientists and politicians who are talking through their pockets.
Until now, no amount of quiet common sense has diverted the doomsayers from their misguided and deeply dangerous path.
In fact, until now New Zealand has been at the head of the field in the rush to establish an emissions trading scheme, thanks to the stupidity of Helen Clark's three Labour-led governments.
That stupidity, which has led governments to inflict taxes and costly regulations on industry and individual citizens with the aim of reducing emissions of CO2, have pointlessly curtailed the prosperity of the West and the progress of developing nations - without affecting climate.
The irony is that man-made carbon dioxide emissions make no difference to the climate, which has been going from cold to hot and back again ever since time began, and certainly long before man ever produced any CO2.
So, with the Key Government's latest move, it is a good time to reiterate these salient scientific points:
There is no global warming crisis. The world is just emerging from the Little Ice Age, so naturally temperatures will be above those of last century.
There is nothing unusual about today's temperature levels or their trends. There were several periods since the Big Ice Age ended that had temperatures above the present.
Man's emissions of carbon dioxide are beneficial not dangerous. And today's levels of CO2 are low by historical standards. All life would benefit from an increase in CO2 content.
Extreme weather events are a permanent feature of the world's climate. Weather extremes occur at any time and in all climate phases. All we can do is be prepared.
Humans cannot control the climate or the weather. They must learn to adapt to whatever the future holds, or disappear and be listed among many species extinguished by climate change.
"Climate change" is the natural condition on Earth - climate and weather are never still. If we have anything to fear from "climate change", it is not warming, whose effects are almost wholly beneficial. What we need to fear is a return of the cold, dry, hungry ice ages.
It is clear that the theory that carbon dioxide causes dangerous global warming is false. It predicted increasing warming as the CO2 content rose. But temperatures fell, twice in the past 100 years. Now, in another fraudulent about face, theorists will try to say that man's CO2 is now causing the cooling. In other words, no matter what happens, they will adjust the theory to claim it proves their failed thesis. This is pseudo science.
An alternative theory that phases in climate change are affected by solar cycles has been proved to largely agree with observations. Those forecasts came before the event, suggesting that the theory may be correct.
There is no need whatsoever for an economically dangerous and scientifically discredited emissions trading scheme with its taxes, bureaucracy and disruptions.
What a disgraceful waste of time, resources and money this whole business is.
garth.george@hotmail.com