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

 

NZ ratifies new global climate change pact

Wednesday 05 October 2016 09:14 AM

NZ ratifies new global climate change pact as carbon heads for $20 a tonne

By Pattrick Smellie

Oct. 5 (BusinessDesk) - New Zealand has become one of the first batch of countries to ratify the new global climate change pact hammered out in Paris last December, heralding the country's return to global carbon markets four years after abandoning them.

Climate Change Minister Paula Bennett announced the ratification this morning ahead of attending next month's annual global climate change summit, to be held in Marrakech, Morocco.

New Zealand effectively walked away from global markets in 2012 when the country decided against adopting carbon emissions reductions targets through to 2020 using the rules adopted under the Kyoto Protocol, the now-defunct agreement that governed emissions reductions by a limited number of developed economies up until 2012.

That prevented major emitters from accessing very low-cost, low-quality international carbon credits that flooded out of the former Soviet bloc and saw carbon prices under New Zealand's emissions trading scheme fall to 50 cents a tonne and lower at times. Since agreeing to the new Paris pact and announcing an end to subsidies for major emitters, NZ Units in the ETS have risen to about $18.80 a tonne.

New Zealand attracted international criticism for failing to adopt new Kyoto-based targets, preferring instead to push for a new global pact, the bones of which emerged at Paris last year and commit the country to cutting its carbon emissions by 30 percent from 2005 levels by 2030.

However, the detailed rules of the new pact have yet to be negotiated.

New Zealand had not initially intended to ratify the Paris agreement so quickly, but momentum among major signatories including the United States and China forced the government's hand, since failure to ratify early could have locked the country out of the rule-making negotiations.

Rules on the treatment of a range of important carbon offsets, such as the use of plantation forests as carbon 'sinks', are vital to New Zealand's efforts to meet its 2030 commitments.

"A significant benefit of the government ratifying early is that it guarantees New Zealand a seat at the decision-making table on matters that affect the Paris agreement at the next United Nations climate change meeting in Marrakech in November," said Bennett.

(BusinessDesk)

ends

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

NZTA: Major New Zealand Upgrade Programme Projects Go To Tender

Two major New Zealand Upgrade Programme projects are beginning tenders for construction. The New Zealand Upgrade Programme is a $6.8 billion investment to get our cities moving, to save lives and boost productivity in growth areas. The first Auckland ... More>>

Reserve Bank: RBNZ Seeks To Preserve Benefits Of Cash

The Reserve Bank – Te Pūtea Matua is taking on a new role of steward of the cash system “to preserve the benefits of cash for all who need them”, Assistant Governor Christian Hawkesby told the Royal Numismatics Society of New Zealand annual conference ... More>>

ALSO:

Economy: Double-Dip Recession Next Year, But Housing Rolls On

New Zealand's economy is expected to slip back into recession early next year as delayed job losses, falling consumer spending, and the absence of international tourists bites into growth. More>>

ALSO:

Microsoft New Zealand: Microsoft Expands “Highway To A Hundred Unicorns” Initiative To Support Startups In Asia Pacific

New Zealand, 14 October 2020 – Today Microsoft for Startups launches the Highway to a Hundred Unicorns initiative in Asia Pacific to strengthen the region’s startup ecosystem. This follows the initiative’s success in India, where 56 startups were ... More>>

Fonterra: Farmers Taking Another Step Towards New Zealand’s Low Emissions Food Production

They’re hot off the press and intended to help take the heat out of climate change. Fonterra farmers are already among the world’s most sustainable producers of milk and now have an additional tool in their sustainability toolbox. Over the last few ... More>>

ALSO:

Electricity: New Zealand Remains In Top 10 For Energy Balance

The World Energy Council’s Energy Trilemma Index has become part of the energy dialogue both globally and in New Zealand. The Index illustrates the need for countries to balance energy security, energy equity and environmental sustainability. New Zealand ... More>>

ALSO:


Courts: Businessman Eric Watson Sentenced To A Four-Month Jail Term

New Zealand businessman Eric Watson has been sentenced to a four-month jail term in the UK for contempt of court, TVNZ reports. More>>

OECD: Area Employment Rate Falls By 4.0 Percentage Points, To 64.6% In Second Quarter Of 2020

The OECD area employment rate – the share of the working-age population with jobs – fell by 4.0 percentage points, to 64.6%, in the second quarter of 2020, its lowest level since the fourth quarter of 2010. Across the OECD area, 560 million persons ... More>>

Spark: Turns On 5G In Auckland And Offers A Glimpse Into The Future Of Smart Cities

Spark turned on 5G in downtown Auckland today and has partnered with Auckland Transport (AT) to showcase some of the latest in IoT (Internet of Things) technology and demonstrate what the future could look like for Auckland’s CBD with the power of 5G. 5G is ... More>>

Stats NZ: Monthly Migration Remains Low

Since the border closed in late-March 2020, net migration has averaged about 300 a month, Stats NZ said today. In the five months from April to August 2020, overall net migration was provisionally estimated at 1,700. This was made up of a net gain ... More>>

University of Canterbury: Proglacial Lakes Are Accelerating Glacier Ice Loss

Lake Tasman, New Zealand | 2016 | Photo: Dr Jenna Sutherland Meltwater lakes that form at glacier margins cause ice to recede much further and faster compared to glaciers that terminate on land, according to a new study. But the effects of these glacial ... More>>

ALSO:

Dairy: Fonterra Sells China Farms

Fonterra has agreed to sell its China farms for a total of $555 million (RMB 2.5 billion*1), after successfully developing the farms alongside local partners. Inner Mongolia Natural Dairy Co., Ltd, a subsidiary of China Youran Dairy Group Limited ... More>>

ALSO: