New Zealand faces carbon market shutdown
7 December 2012
New Zealand faces
carbon market shutdown
New Zealand could be shut out
of international Kyoto-compliant carbon markets, Carbon
News reports this morning.
The country’s specialist
carbon market information service says that technically
countries that are not signatories to the Kyoto Protocol do
not have access to credits United Nations offset
New Zealand, Japan and Canada have announced that
they will not sign up to the second commitment period of the
protocol, prompting India, China, South Africa and Brazil to
call for the rules on access to UN offsets to be imposed.
Carbon News says that means this country would no longer
have access to the internationally traded CER units, which
have become popular with New Zealand emitters since a
dramatic fall in price last year.
It reports a New Zealand
carbon broker as saying the exclusion rule is unlikely to be
enforced, but even if it is, it won’t have a huge impact
on the New Zealand market.
“There won’t be an
immediate effect, because in 2013/14 we’re in the wash-up
period for KP1,” said OMFinancial’s Nigel Brunel.
“It won’t be until 2015 onwards that we’ll see any
impact at all, and a lot can happen between now and
Further news is at www.carbonnews.co.nz
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