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Outstanding response for climate-friendly projects

Outstanding response to call for climate-friendly projects

More than 40 large and small organisations have put forward proposals for projects to reduce greenhouse gas emissions in return for a share of Kyoto Protocol ‘carbon credits’ on offer from the Government.

A total of 45 project proponents have submitted bids for the four million emission units or ‘carbon credits’ being offered in the first tender round for Projects to Reduce Emissions.

“This hugely positive response shows that a healthy number of businesses, both public and private, are keen to reduce emissions of greenhouse gases and be rewarded for it,” says the Convenor of the Ministerial Group on Climate Change, Pete Hodgson. “The high number of bids and the variety and innovation they involve mean we will be able to choose the very best projects on offer. This is good for New Zealand and good for business.”

The projects include wind farms, hydro and geothermal electricity projects, proposals for generating electricity from landfill gas, a range of bio-fuel and bio-energy projects and schemes for waste treatment. Most of the tender bids are for projects that will generate or reduce the demand for electricity.

“On first reading, many of these projects will meet the Government’s objective of making New Zealand’s electricity supply more secure in the near future and contribute to the target for renewable energy. They are an important step in taking New Zealand towards a clean, green and sustainable energy future.”

The New Zealand Climate Change Office is evaluating the tenders and will make a set of recommendations to an independent assessment panel. To be eligible, projects must deliver a minimum reduction in emissions during the first commitment period of the Kyoto Protocol (2008-2012), go beyond “business-as-usual” and achieve measurable reductions in greenhouse gas emissions that would not have happened otherwise.

If the pool of four million emission units is oversubscribed, priority will be given to projects that will contribute most to electricity security in the near future. Successful projects will be decided by early December and the first project agreements between project owners and the Government are expected to be finalised before Christmas. Others will be completed early in the New Year.

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