Gordon Campbell | Parliament TV | Parliament Today | News Video | Crime | Employers | Housing | Immigration | Legal | Local Govt. | Maori | Welfare | Unions | Youth | Search


New Zealand faces carbon market shutdown

Media release

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 credits.

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 then.”

Further news is at www.carbonnews.co.nz

© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines



Relevant Consents Gained: Government Unveils RMA Reform Package

The government has formally hauled down the flag on its attempts to alter the balance of environmental and economic priorities in the Resource Management Act, unveiling a 180-page Resource Legislation Amendment Bill containing reforms that have been largely endorsed by most political parties. More>>


Closing Schools And Such: Interim Redcliffs Decision Announced

“While the school’s board has argued that circumstances that could give rise to potential disruption are extremely unlikely, advice from technical experts has shown these concerns cannot be ruled out." More>>


Jane Kelsey: High Court Can’t Make Groser Provide TPPA Information Faster

‘This week we went back to court to challenge Trade Minister Groser’s stalling tactics over the release of information on the Trans-Pacific Partnership Agreement negotiations, following a High Court order that he reconsider the Official Information Act request I made last January’, said University of Auckland law professor Jane Kelsey, first applicant in the case. More>>

Werewolf 58: No Climate For Change

The last time the global community tried to take collective action on climate change the world’s leaders finally came to agree that every not-too-onerous effort should be made to hold global warming to 2°C above the pre-industrial average. At Paris, all 150 participant countries nations will have put forward their pledges... On the information available, New Zealand's is the second weakest contribution of any nation in the developed world. More>>


Lambton Quay Shutdown: Object Was Made To Look Like Bomb

Police cordoned off part of Lambton Quay Wednesday afternoon, saying that a suspicious package had been found. Buildings were evacuated and buses were detoured. The army’s explosive ordnance disposal unit was brought to the Quay. More>>


Public Sector Still Shrinking: Record Low Number Of 'Backroom Bureaucrats'

Ongoing restraint in the public sector and a focus on better frontline services has seen a further reduction in the number of core Government employees, State Services Minister Paula Bennett says. More>>


Disobeying The Law: Police Censorship Of Crime Research “An Outrage”

The Green Party is calling on Police Minister Michael Woodhouse to ensure Police scrap controversial contracts that place onerous restrictions on academic researchers’ access to Police data, the Green Party says. More>>


Get More From Scoop



Search Scoop  
Powered by Vodafone
NZ independent news