Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Report on Building Trust In Emissions Reporting

PricewaterhouseCoopers Releases Report on Building Trust In Emissions Reporting

Julia Hoare, leader of Climate Change Services at PricewaterhouseCoopers in New Zealand, said a new report on emissions trading released today would provide “valuable reading” for many businesses and Government organisations looking towards carbon neutrality or offsetting emissions.

PricewaterhouseCoopers’ report Building Trust in Emissions Reporting highlights the key elements of a successful carbon trading regime, presents a new vision for compliance in emissions trading, and calls for global action to develop this important area.

Emissions trading schemes are based on emission rights (or other marketable units) linked to emissions. In an increasingly carbon constrained world, they represent an important value driver for both management and investors. Businesses covered by a scheme are required to report on their emissions and the verification of their emissions reporting is often comparable to an audit of financial statements.

The trading of emissions units is increasingly seen as a central part of the response to climate change, but such market mechanisms depend on trust and confidence. Any widespread or systemic failure, as a result of deficient monitoring and reporting, flawed compliance processes or fraud, could undermine confidence in markets and regulation and jeopardise the crucial policy goals that they are designed to address.

The report tackles an issue addressed by the Prime Minister in her opening address to Parliament on Tuesday where she stated: “[The Government is] also following closely exciting work in the private sector on the development of carbon trading regimes, and will be willing to consider what legislative and regulatory changes might be needed to put them into effect."

Ms Hoare said the findings of the PwC report also sounded a warning: “This report highlights problems arising due to the patchwork of emissions regulations emerging around the world, and sets out the areas that need to be considered,” she said. “It rightly stresses the importance of ensuring that any compliance or regulatory framework introduced to New Zealand demonstrates transparency, accountability and integrity.”

The report makes the case for urgent and coordinated action to develop a framework of generally accepted principles and practice that will underpin trust and efficiency in these new markets - in effect, a new Global Emissions Compliance Language.

Ms Hoare said confidence in the way any system worked was critical. “Everyone needs to be able to trust that emissions reductions are real and that they can put faith in the value of the underlying credits.”
She also said the report’s findings were likely to be of particular interest to the 39 core public service departments that were recently directed to achieve carbon neutrality as part of the government's push for sustainability.

“Even in the absence of a formal regulatory response, the Government agencies singled out by David Parker and Annette King this week will need to understand emissions reporting and instruments to correctly report their carbon footprint and assess offset opportunities.”


© Scoop Media

Business Headlines | Sci-Tech Headlines


Banks: Westpac Keeps Core Government Transactions Contract

The local arm of Westpac Banking Corp has kept its contract with the New Zealand government to provide core transactions, but will have to share peripheral services with its rivals. More>>


Science Investment Plan: Universities Welcome Statement

Universities New Zealand has welcomed the National Statement of Science Investment released by the Government today... this is a critical document as it sets out the Government’s ten-year strategic direction that will guide future investment in New Zealand’s science system. More>>


Scouring: Cavalier Merger Would Extract 'Monopoly Rents' - Godfrey Hirst

A merger of Cavalier Wool Holdings and New Zealand Wool Services International's two wool scouring operations would create a monopoly, says carpet maker Godfrey Hirst. The Commerce Commission on Friday released its second draft determination on the merger, maintaining its view that the public benefits would outweigh the loss of competition. More>>


Scoop Review Of Books: She Means Business

As Foreman says in her conclusion, this is a business book. It opens with a brief biographical section followed by a collection of interesting tips for entrepreneurs... More>>


Hourly Wage Gap Grows: Gender Pay Gap Still Fixed At Fourteen Percent

“The totally unchanged pay gap is a slap in the face for women, families and the economy,” says Coalition spokesperson, Angela McLeod. Even worse, Māori and Pacific women face an outrageous pay gap of 28% and 33% when compared with the pay packets of Pākehā men. More>>


Housing: English On Housing Affordability And The Economy

"Long lead times in the planning process tend to drive prices higher in the upswing of the housing cycle. And those lead times increase the risk that eight years later, when additional supply arrives, the demand shock that spurred the additional supply has reversed. The resulting excess supply could produce a price crash..." More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news