AloeSvea
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Yes, it does seem your gov is trying to barter its catbon footprint away by borrowing heavily from the Paris Agreement carbon capture scheme. Looking at the 2050 target of zero emissions, it seems they will fall short by about 47% for biogenic methane and will have to take other measures as yet unspecified.
http://www.legislation.govt.nz/bill/government/2019/0136/latest/LMS183848.html
Of course, if everybody else is cutting their meat imports to zero, then your market will shrink, and there will be a natural reduction in output accordingly. I do not think you will be immune from the fallout. especially if the carbon trading scheme is not able to absorb the levels of borrowing due to other players not meeting their targets either.
Honestly, the amount of meat from culling herds and flocks due to a shrinking overseas market would merely keep us in meat stores for decades to come! (The wonders of refigeration?) I can't imagine the domestic market shrinking much. And - Great Britain is not our biggest market by far - that ended in the 1960s some time. Seriously - we are not going zero meat any time soon, ditto no fish and seafood.
I am not kidding when I talk about a black market in meat if our government here tried such a thing on. We have a highly active blackmarket in a certain horticultural item that grows exceedlingly well here, due to our climate and amount of bush etc. I would imagine such a thing in sheep and cows would be the case as well
As for environmental targets - that is a whole other discussion. Half of all emmissions here are from fossil-fuel run vehicles, like most places? That would be the initial target I would imagine, when banning. And if it isn't... well... (I hesitate to state what I think might/will/highly likely to happen...) (We would have to have a good yacker at one of your country's delightful pubs on that subject!)