The forestry industry says even contemplating a review of the Emissions Trading Scheme is enough to scare off investors.
The National Party has announced as part of an agreement with the ACT Party to form a government, that it will consider whether any alternatives or amendments can be made.
ACT says the ETS puts unnecessary pressure on businesses and should be scrapped.
Roger Dickie, from the Kyoto Forestry Association, says the industry was beginning to experience a revival but a review will put a swift end to that.
He says one major international company was set to invest $100 million but is now likely to spend it elsewhere.
We were 'betrayed'
The West Coast timber industry says it was 'betrayed' by the outgoing Labour government over a promised rescue package.
They are angry over the amount of planted pine available to local sawmills, after the former Government more than halved the projected wood supply.
Labour ministers said before the election they'd consider a package to restructure the remaining mills, at the end of this month.
But the chair of the West Coast Timber Association, Peter Anisy, now says he was 'naive' to think Labour would help.
The new National MP for West Coast-Tasman, Chris Auchinvole, says the new government is waiting on the Labour Government-commissioned reports before it acts.