Parliament

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

 

Decisions on Kyoto Protocol emission units

Hon Simon Bridges

Acting Minister for Climate Change Issues

6 December 2013       Media Statement       

Decisions on Kyoto Protocol emission units

Acting Minister for Climate Change Issues Simon Bridges today announced decisions to restrict the use of some types of Kyoto Protocol emission units within New Zealand’s Emissions Trading Scheme. 

“Decisions in the international climate change negotiations in Doha last year, including restrictions on New Zealand’s ability to trade any international Kyoto units after 2015, and the lack of action on international markets at the recent Warsaw negotiations, have contributed to uncertainties within Kyoto markets,” Mr Bridges says.

“These conditions make it preferable for our ETS to operate with restricted access to these markets for the time being.”

Mr Bridges confirmed that the current hold on issuing Letters of Approval for direct participation by New Zealand entities in Clean Development Mechanism projects will continue, meaning the ETS will operate with restricted access to Kyoto markets from 2016 onwards.

“The Government considers international markets an important component of the Emissions Trading Scheme, and intends to review the level of access to international markets within it when international market conditions are better suited to New Zealand’s domestic circumstances.”

Mr Bridges also announced a complementary decision around the use of existing Kyoto units in the ETS after May 2015.

The decision allows participants to continue to use Kyoto Protocol first commitment period Certified Emission Reduction units (CERs), Emission Reduction Units (ERUs), and Removal Units (RMUs) to account for surrender obligations up until 31 May 2015, after which these units will no longer be eligible for surrender. From then they will need to surrender New Zealand Units (NZUs) to meet their obligations. 

Participants holding New Zealand Assigned Amount Units (NZ AAUs) will be able to use them to account for surrender obligations and will automatically have them carried over for surrender beyond 31 May 2015. 

“These two decisions will give certainty to ETS participants as to the use of Kyoto Protocol emission units over the next few years,” says Mr Bridges. 

“The decisions are consistent with international rules on carry-over and Kyoto market rules agreed in Doha.  The carry-over of Kyoto Protocol emission units decision was signalled to participants through consultation undertaken early in 2013.”

The Government will actively monitor the impact of these decisions on the operation of the ETS, and will consider using measures such as auctioning New Zealand Units and/or reviewing the use of international units to ensure market liquidity should the need arise.  New Zealand remains on track to meet its international climate change commitments, which are not affected by these decisions.

More information on the ETS can be found at www.climatechange.govt.nz.  Information on the New Zealand Emission Unit Register can be found at www.eur.govt.nz

ENDS

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The Problems The Pandemic Is Causing For Big Oil


Chances are, climate change won’t kill you overnight, and that’s got to be significant. Yet while we were all in lockdown listening to the birdsong, it was hard to avoid the conclusion that if governments can up-end the economy for an unexpected reason – the coronavirus – surely, we can act just as decisively to counter the known threat that climate changes poses to planetary survival.
Currently, those twin threats from Covid-19 and climate change are converging: on the extent of oil production... More>>

 

E-Cigarettes: Vaping Legislation Passes

Landmark legislation passed today puts New Zealand on track to saving thousands of lives and having a smokefree generation sooner rather than later, Associate Health Minister, Jenny Salesa says. The Smokefree Environments and Regulated Products (Vaping) ... More>>

ALSO:

Housing: Government Delivers On Rental Reforms Promise

The Government has delivered on its promise to New Zealanders to modernise tenancy laws with the passing of the Residential Tenancies Amendment (RTA) Bill 2020 today, says Associate Minister of Housing (Public Housing), Kris Faafoi. “The Residential ... More>>

ALSO:

National: $4 Billion Investment To End Wellington’s Congestion Woes

A National Government will invest another $4 billion in transport infrastructure across Wellington, igniting the economy and delivering the congestion-busting solutions the region has long been crying out for, National Party Leader Judith Collins says. ... More>>

ALSO:

Gordon Campbell: On The Virtues (and Fluffed Opportunities) Of The Operation Burnham Report

One unspoken rule of thumb in any official public inquiry is : whatever you do, don’t conclude you were made to listen to “a litany of lies” even if the evidence of a deliberate cover-up is right there under your nose. In that respect, the report ... More>>

ALSO:

Office Of The Speaker: Parliament Is Revamping Its Rules

Today, the Standing Orders Committee’s report on the review of Standing Orders was presented to the House. The Speaker of the House, the Rt Hon Trevor Mallard, chairs the committee. He said today that the 2020 review will make our rules more ... More>>

Your Vote 2020: Bringing Election Coverage To Viewers Across TVNZ Channels And Platforms

As New Zealand gets ready to head to the ballot box this September, 1 NEWS is bringing voters comprehensive coverage and analysis of this year’s General Election. TVNZ’s coverage will draw on the depth of experience held across the 1 NEWS team, says Graeme ... More>>

Economy: 30% Believe Households Worse Off, 298,000 Expect To Lose Jobs

64% of New Zealanders feel the economic position of their households is the same or better than a year ago – and 30% think it is worse or much worse, while 298,000 think they will lose their jobs in the next 12 months. Households’ perceptions ... More>>

State Services Commission: Findings Of Investigation Into COVID-19 Active Cases Privacy Breach

Deputy State Services Commissioner Helene Quilter has today announced the findings of an investigation into a breach of privacy regarding sensitive personal information. The investigation looked into who or what caused the disclosure of the information, ... More>>

International Security: New Zealand Suspends Extradition Treaty With Hong Kong

The New Zealand Government has suspended its extradition treaty with Hong Kong and made a number of other changes in light of China’s decision to pass a national security law for Hong Kong, Foreign Affairs Minister Winston Peters says. More>>

ALSO:

Energy: 100% Renewable Electricity Grid Explored With Pumped Storage ‘battery’

The Government is taking a significant step toward its goal for 100% renewable electricity generation in a move that could be a game changer for consumers and the creation of a low-emissions economy, Energy & Resources Minister Megan Woods said. ... More>>

ALSO:


 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 


 

InfoPages News Channels