Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search


Public views sought on emissions trading law

Public views sought on emissions trading law

The government is calling for submissions on proposed law changes that will make it easier for an emissions trading market to operate in New Zealand.

Commerce Minister Lianne Dalziel says the proposals in the Emissions Units, Settlement Systems and Futures Bill are an important addition to New Zealand’s response to the challenge of climate change.

“Efficient carbon markets will enable people to decide how best to adapt their behaviour to reduce greenhouse gas emissions”, Lianne Dalziel said. “They may choose to become more efficient themselves, or use the market-mechanism to purchase emissions units from others.”

“Initially the impetus for the Bill was to facilitate the efficient trading of emissions units. Now however, it has developed to the extent that it will also improve the operation of financial markets generally.”

Lianne Dalziel says engagement with the private sector has highlighted the need to make changes to New Zealand securities laws to ensure the market is up to date with international best practice.

“The changes will make New Zealand more attractive to international participants, including banks, investors and financial institutions which are starting to enter into emissions trading activities.”

The proposed reforms include: Amendments to ensure the appropriate legal treatment of emissions units Rationalising the regulatory framework for registering securities and futures exchanges Amendments to the Reserve Bank of New Zealand Act 1989, so that the approval and oversight of designated settlement systems better conform to international best practice. Amendments to the Personal Property Securities Act 1999 which: gives the buyers of these emission units protection in the event that the units are subject to a prior security interest And provides the operators of some designated settlement systems certainty in relation to realising collateral in the event of a default by a clearing participant.

“We look forward to continuing to work actively with New Zealand firms who, like the Labour-led government, are committed to making New Zealand the world’s first truly sustainable nation,” Lianne Dalziel said.

The closing date for submissions is Monday 10 March 2008. The Emissions Units, Settlement Systems and Futures Bill is expected to be introduced in the first half of this year.

The public discussion document and accompanying Bill can be found at


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Not Easy: Gordon Campbell On The Greens’ Ongoing Problems

Hard to treat the Greens’ belated decision to stand a candidate in Ohariu as being anything other than a desperation move, by a party whose own leadership is evidently concerned about its chances of survival...

A few months ago, the Greens felt able to forego that role in Ohariu in order to help a beleaguered Labour Party get its candidate Greg O’Connor across the line, and knock Peter Dunne out of the parliamentary frame. More>>


Gordon Campbell: On DHB Deficits And Free Trade

Currently the world is looking on aghast at the Trump administration’s plans to slash Obamacare, mainly in order to finance massive tax changes that will deliver most of their gains to the wealthy. Lives will be lost in the trade-off. Millions of Americans stand to lose access to the healthcare they need... More>>

Greens' Response: Slum-Like Rentals Exposed In Renting Review

“...The grim findings of the review are a wakeup call about the true state of rentals in this country. Too many renters are festering in slum-like conditions under the thumb of landlords who have largely unchecked powers and ignore tenants’ complaints when it suits them.” More>>


Gordon Campbell: On The Life And Times Of Peter Dunne

The unkind might talk of sinking ships, others could be more reminded of a loaded revolver left on the desk by his Cabinet colleagues as they closed the door behind them, now that the polls in Ohariu had confirmed he was no longer of much use to National. More>>


Gordon Campbell: On Labour’s Campaign Launch

One of the key motifs of Ardern’s speech was her repeated use of the phrase – “Now, what?” Cleverly, that looks like being Labour’s response to National’s ‘steady as it goes’ warning against not putting the economic ‘gains’ at risk. More>>


Lyndon Hood: Social Welfare, Explained

Speaking as someone who has seen better times and nowadays mostly operates by being really annoying and humiliating to deal with, I have some fellow feeling with the current system, so I’ll take this chance to set a few things straight.. More>>


Deregistered: Independent Board Decision On Family First

The Board considers that Family First has a purpose to promote its own particular views about marriage and the traditional family that cannot be determined to be for the public benefit in a way previously accepted as charitable... More>>


Transport Policies: Nats' New $10.5bn Roads Of National Significance

National is committing to the next generation of Roads of National Significance, National Party Transport Spokesperson Simon Bridges says. More>>





Featured InfoPages

Opening the Election