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

 


Big emitters chasing cheap foreign carbon units: MfE data

ETS figures show big emitters chasing cheap foreign carbon units

Aug. 3 (BusinessDesk) - New Zealand's major emitters of greenhouse gases took advantage of the plummeting global price of carbon to offset their emissions in 2011, figures from the Ministry for the Environment show.

The report is the first to cover 12 months of the operation of the ETS and records the total number of carbon emissions units purchased and surrendered to the government to equate with their obligations to either reduce or offset their emissions under the ETS.

Electricity companies, major gas users and transport fuels are covered by the ETS, although they are only required to account for one in every two tonnes of carbon emitted, and are not required to pay above $25 per tonne of carbon.

However, international prices fell to as low as $8 a tonne by the last year, and have been even lower during 2012, as a glut of European carbon credits floods the fledgling global market.

As a result, some 73 percent of all units surrendered in 2011 came from offshore sources and the 2.1 million forestry-based New Zealand Units surrendered for the 12 month period was less than half the 5.3 million units surrendered in 2010, when the scheme had only run for six months.

Likewise, NZU's derived from other than forestry for the year totalled 2.3 million, compared with 2.6 million in the six month period a year earlier.

By comparison, surrenders of Certified Emission Reduction units (CER's), derived from foreign carbon offset programmes, clocked in at 4.2 million, compared with just 133,150 a year earlier. Of these, 1.2 million units related to industrial gases, some of which were removed from the ETS in December.

Some 4.3 million units of Emission Reduction Units, another form of foreign carbon credit, were surrendered, up from none the year before, and some 3.2 million Removal Units - a foreign credit not available in 2010 - were also surrendered.

European carbon prices remain at historic lows, despite a plan announced late July by the European Union that is intended to bolster the market, and saw NZU prices fall as low as $4.55 per tonne of carbon earlier this week, and close the week close to $5 a tonne.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Real Estate: Housing Prices Head South In Most Of NZ

Housing became more affordable for first home buyers in many parts of the country including Auckland last month, as falling prices more than offset rising mortgage interest rates. More>>

ALSO:

Cosmetics & Pollution: Proposal To Ban Microbeads

Cosmetic products containing microbeads will be banned under a proposal announced by the Minister for the Environment today. Marine scientists have been advocating for a ban on the microplastics, which have been found to quickly enter waterways and harm marine life. More>>

ALSO:

NIWA: 2016 New Zealand’s Warmest Year On Record

Annual temperatures were above average (0.51°C to 1.20°C above the annual average) throughout the country, with very few locations observing near average temperatures (within 0.5°C of the annual average) or lower. The year 2016 was the warmest on record for New Zealand, based on NIWA’s seven-station series which begins in 1909. More>>

ALSO:

Farewell 2016: NZ Economy Flies Through 2016's Political Curveballs

Dec. 23 (BusinessDesk) - New Zealand's economy batted away some curly political curveballs of 2016 to end the year on a high note, with its twin planks of a booming construction sector and rampant tourism soon to be joined by a resurgent dairy industry. More>>

ALSO:

NZ Economy: More Growth Than Expected In 3rd Qtr

Dec. 22 (BusinessDesk) - New Zealand's economy grew at a faster pace than expected in the September quarter as a booming construction sector continued to underpin activity, spilling over into related building services, and was bolstered by tourism and transport ... More>>

  • NZ Govt - Solid growth for NZ despite fragile world economy
  • NZ Council of Trade Unions - Government needs to ensure economy raises living standards
  • KiwiRail Goes Deisel: Cans electric trains on partially electrified North Island trunkline

    Dec. 21 (BusinessDesk) – KiwiRail, the state-owned rail and freight operator, said a small fleet of electric trains on New Zealand’s North Island would be phased out over the next two years and replaced with diesel locomotives. More>>

  • KiwiRail - KiwiRail announces fleet decision on North Island line
  • Greens - Ditching electric trains massive step backwards
  • Labour - Bill English turns ‘Think Big’ into ‘Think Backwards’
  • First Union - Train drivers condemn KiwiRail’s return to “dirty diesel”
  • NZ First - KiwiRail Going Backwards for Xmas
  • Get More From Scoop

     
     
     
     
     
     
     
     
    Business
    Search Scoop  
     
     
    Powered by Vodafone
    NZ independent news