WELLINGTON - New Zealand set a 2050 target to cut farm methane emissions by 14-24 percent from 2017 levels on Sunday, aiming to reduce climate impact without harming agriculture or exports.

Approved by Cabinet and based on the 2024 Methane Science Review, the move follows extensive consultation with the farming sector.

"We're delivering a practical, fair pathway that recognizes New Zealand agriculture efficiency, protects jobs and production, and upholds our climate commitments," Agriculture, Trade and Investment Minister Todd McClay said in a statement.

The government reaffirmed its commitment to overall net zero climate goals by 2050, with agriculture continuing to make an important and fair contribution to achieving this reduction, said Climate Change Minister Simon Watts.

ALSO READ: New Zealand govt releases emissions reduction plan

Key policy changes include a legislated review of the methane target in 2040, no tax on agricultural methane emissions, and reliance on processor incentives and sector partnerships rather than taxation, said the government statement.

Over 400 million NZ dollars ($230 million) is being invested by the government with industry to develop methane-cutting technologies, with 11 tools expected by 2030 and the first available from 2026, it said.

The government has also launched an on-farm emissions calculator, McClay said.