New Zealand risks losing export businesses offshore, if the Government moves too fast with changes to the Emissions Trading Scheme

The Petroleum Exploration and Production Association has put out the warning after fresh reforms to the ETS, including a new cap for greenhouse gases.

Chief executive John Carnegie says the group broadly supports the changes and the goal of lowering emissions.

But he says they need to be calibrated with measures being made by our trading competitors.

Carnegie says companies might move to countries with less strict rules if New Zealand acts in isolation.