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.”

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Half Full: Dairy Payouts Steady, Cash Will Be Tight

Industry body DairyNZ is advising farmers to focus on strong cashflow management as they look ahead to the 2015-16 season following Fonterra's half-year results announcement today. More>>

ALSO:

First Union: Cotton On Plans To Use “Tea Break” Law

“The Prime Minister reassured New Zealanders that ‘post the passing of this law, will you all of a sudden find thousands of workers who are denied having a tea break? The answer is absolutely not’... Cotton On is proposing to remove tea and meal breaks for workers in its safety sensitive distribution centre. How long before other major chains try and follow suit?” More>>

ALSO:

Scoop Business: NZ-Korea FTA Signed Amid Spying, Lost Sovereignty Claims

A long-awaited free trade agreement between New Zealand and South Korea has been signed in Seoul by Prime Minister John Key and the Korean president, Park Geun-hye. More>>

ALSO:

PM Visit: NZ And Viet Nam Agree Ambitious Trade Target

New Zealand and Viet Nam have agreed an ambitious target of doubling two-way goods and service trade to around $2.2 billion by 2020, Prime Minister John Key has announced. More>>

ALSO:

Scoop Business: NZ Economy Grows 0.8% In Fourth Quarter

The New Zealand economy expanded in the fourth quarter as tourists drove growth in retailing and accommodation, and property sales increased demand for real estate services. More>>

ALSO:

Scoop Business: RBNZ’s Wheeler Keeps OCR On Hold, No Rate Hikes Ahead

The Reserve Bank has removed the prospect of future interest rate hikes from its forecast horizon as a strong kiwi dollar and cheap oil hold down inflation, and the central bank ponders whether to lower its assessment of where “neutral” interest rates should be. The kiwi dollar gained. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news