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


Forestry is Key to New Zealand’s Emissions Trading Scheme

Forestry is Key to New Zealand’s Emissions Trading Scheme

Of the 30 plus Emissions Trading Schemes currently operating around the world, New Zealand’s ETS is leading the way with its close integration to the forestry sector. The NZ forestry estate is critical for New Zealand to meet its emissions targets, under the Kyoto Protocol.

While it’s still early days, two recent studies, the Greenhouse Gas Inventory Position Report and the Projected Net Position Report, both showed improvements to New Zealand’s ability to meet its Kyoto commitments.

"These reports show the ETS working effectively in the forestry sector with deforestation ending when the scheme took effect in 2008. New plantings of 1900 hectares were achieved in 2008, 4000 hectares in 2009, 6000 hectares in 2010, with projections of 8000 in 2011 and 10,000 in 2012," Climate Change Minister Nick Smith recently.

"The future challenge is to increase economic growth while continuing this positive reduction in emissions. It is encouraging that in the first two years of the ETS, the emissions efficiency of the economy is being improved”, Dr Smith said.

Without emission reductions, climate change could contribute as much as 10% to investment portfolio risk over the next 20 years. Mercer’s report, Climate Change Scenarios – Implications for Strategic Asset Allocation, has identified key climate change risks to business and has suggested that investors would benefit from increased allocation to areas like infrastructure, agriculture land, timberland and sustainable assets.

New Zealand’s ETS, which sets a carbon price based on supply and demand of carbon credits, is an important market mechanism in providing real incentives for businesses to reduce their carbon emissions.

Nigel Brunel, Head of Carbon and Energy Futures at OMFinancial recently commented that economic incentives are the best way to encourage behavioural change and that the ETS gives us an opportunity to create a system that fosters low-carbon development while protecting trade-exposed industries.

While Australia is still debating how they will bring in their version of an Emissions Trading Scheme, New Zealand is not going it alone. Henry Derwent, CEO of the International Emissions Trading Association based in Geneva, said, “It seems pretty plain now that a single global climate and pricing system is not going to be imposed by the UN. That means the way forward lies in individual regional, national and state systems over the world reaching out to each other over time.”

Climate Change Minister Nick Smith, Henry Derwent from the International Emissions Trading Association and OMFinancial’s Nigel Brunel will all be presenting at Carbon Forestry 2011. Being held in Auckland on the 13-14 July, this conference will provide New Zealand’s first major forum on carbon forestry for forestry and landowners, financial institutions, investment advisers, prospective purchasers of carbon credits and investors to meet. Information about this event can be found on www.carbonforestryevents.com.


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On Sending An Orion P-3 To Tonga

Because the undersea volcanic eruption in Tonga cut communications with the more remote parts of the country, it wasn’t at all surprising that as a good Pacific neighbour, New Zealand sent a reconnaissance aircraft up there to gather information about the extent and location of the damage. The more interesting thing was which plane we sent. It was an old P-3K Orion. It wasn’t one of the four fancy P-8 Poseidons that the New Zealand taxpayer spent north of $3 billion to purchase and to equip, only a few years ago...


Government: New Zealand Prepared To Send Support To Tonga

New Zealand is ready to assist Tonga in its recovery from Saturday night’s undersea eruption and tsunami, Foreign Affairs Minister Nanaia Mahuta and Defence Minister Peeni Henare said today... More>>

Ministry of Health: COVID-19 Immunisation Starts For 5 To 11-year-old Tāmariki

More than 120,000 doses of the child (paediatric) Pfizer vaccine have been delivered to over 500 vaccination sites around New Zealand as health providers prepare to start immunising 5 to 11-year-olds tamariki from today, 17 January... More>>

Crown: Duke Of York’s NZ Military Patronage Appointment Ends
Buckingham Palace has recently announced that, with the Queen's approval and agreement, the Duke of York’s military affiliations and Royal patronages have been returned to the Queen... More>>

CTU: Too Many Kiwi Workers Financially Vulnerable As Omicron Looms
With New Zealand on the precipice of an Omicron outbreak and the economic upheaval that comes with it, the CTU’s annual Mood of the Workforce Survey shows the vast majority of kiwi workers do not have the financial resources to survive a period of unemployment... More>>

Financial Advice NZ: Law Changes Locking Out Home Seekers, Urgent Meeting Sought With Government

Recent changes in consumer finance law on top of Government policy changes are locking many home seekers out of finance options they would have qualified for just six weeks ago, says Financial Advice New Zealand... More>>

Energy: Powering NZ’s Future With Biofuels
The Government will introduce a Sustainable Biofuels Mandate to help reduce greenhouse gas emissions in the transport sector, Energy and Resources Minister Megan Woods said today... More>>




InfoPages News Channels