Facing the threat of climate change, the world community has to meet a major challenge: how to limit global emissions at the least possible cost to the welfare of this and future generations. But actual policy implementation throughout the OECD has been slowed by entrenched opposition from emission-intensive sectors of the economy - reducing emissions produces losers as well as winners, and hard choices have to be made. This book charts New Zealand climate-change policy since 1990, focusing on the interface between technical effectiveness and political sustainability. The message is optimistic: New Zealand can make the changes required by Kyoto, at acceptable cost, if political leadership is exercised firmly and impartially.