New Zealand raises expected surplus in meeting 2020 carbon target
New Zealand on Friday released updated estimates on its status towards meeting its 2020 climate pledges, increasing by nearly 5% its forecast overshoot of the goal, which will come largely through the banking of almost 124 million leftover carbon rights from the first Kyoto period.
Read MoreNZ Market: NZUs fall to one-year low as national budget disappoints
New Zealand carbon allowances on Thursday retreated to their lowest levels since last June as the government’s annual budget failed to offer any clarity on expected changes to ETS regulations.
Read MoreLawyer up: More lawsuits being filed against governments for climate inaction
Lawsuits seeking to hold governments to account for their climate-related commitments are on the rise, with over 650 filed in the US alone – almost three times the number recorded in the rest of the world.
Read MoreValue of world’s carbon pricing schemes edges up year-on-year while govt revenues drop -report
The combined value of the world’s carbon markets and CO2 tax regimes rose by 7% in 2017, with eight new pricing initiatives helping to nearly double the total number over the past five years, but government revenues have dropped by some 15%, according to a new report published Tuesday.
Read MoreBrokers advise New Zealand to hedge against rising carbon prices
New Zealand could save billions of dollars on foreign carbon units by hedging now, for example by buying EU Allowances, instead of waiting until after 2020 when prices are likely to be much higher, according to energy and carbon brokers OM Financial.
Read MoreNZ Market: NZUs slip below NZ$17 amid lack of interest
Buyers appear to have deserted the New Zealand carbon market ahead of the May 31 deadline, causing allowances on Thursday to fall below NZ$17 for the first time since early February, while a new market survey showed observers are divided on where prices are likely to go from here.
Read MoreNZ Market: New Zealand carbon dips amid lack of compliance demand
New Zealand carbon allowances on Friday closed in the lower end of their recent range as a lack of demand ahead of the upcoming compliance deadline has left the market feeling moribund.
Read MoreNew Zealand proposes ETS tweaks to avoid double-counting, price distortions
The New Zealand government has proposed a handful of technical fixes to its emissions trading scheme aimed at mending problems that may have led to double-counting for some market participants or caused price distortions for goods containing synthetic greenhouse gases.
Read MoreNZ Market: NZUs rangebound amid lack of compliance demand
New Zealand carbon permits have traded in low volumes within a tight range all week as a lack of demand ahead of next month’s compliance deadline has left the market void of momentum.
Read MoreNative forests offer offset option for New Zealand emitters -report
Regenerating or planting new native forest can offer a cost-effective option for New Zealand emitters to meet their CO2 targets in future as domestic and international carbon prices are set to increase, a report has found.
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