NZ Emissions Trading Scheme
NZ Emissions Trading Scheme- 55% Obligations Covered By 'Dodgy' Ukraine/Russian Units
In August a study was published which cast into doubt the environmental integrity of carbon credits generated under the Kyoto Protocol Joint Implementation mechanism (JI). According to the Stockholm Environment Institute study almost 872 million Emission Reduction Units (ERUs) have been issued under JI, with the bulk of projects located in Ukraine, Russia, Poland and Germany.
The study concludes that almost 75% of ERUs are not linked to real greenhouse gas reductions, and there are 'significant environmental integrity concerns for over 80% of ERUs from Russia and Ukraine."
Official documents recently released by the Environmental Protection Authority to Carbon Forest Services reveal that 96.3 million ERUs have been used to meet surrender obligations in the NZ Emissions Trading Scheme since it started. Of this 95.3 million ERUs originated from Ukraine and Russia
The findings of the Stockholm study would suggest around 55% of emissions or 77 million tCO2 under the NZ ETS have been covered to date using questionable offsets with little environmental integrity.
The use of so many ERUs from Russia and Ukraine has serious implications for the NZ ETS and adds to ongoing concerns that the scheme has been a failure in achieving real greenhouse gas reductions.