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UN launches $70 trillion alliance to standardise net zero commitments around science-based targets

Published 22:33 on April 21, 2021  /  Last updated at 22:34 on April 21, 2021  /  Africa, Americas, Asia Pacific, Australia, Canada, China, Climate Talks, EMEA, International, Japan, New Zealand, South & Central, South Korea, Switzerland, US  /  No Comments

UN climate envoy Mark Carney and a dozen government and financial leaders on Wednesday unveiled an alliance to coordinate standards and practices for net zero commitments worldwide in the lead-up this fall’s COP26 climate summit. 

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New Zealand consults on major changes to ETS price control levels

Published 11:19 on April 20, 2021  /  Last updated at 11:23 on April 20, 2021  /  Asia Pacific, New Zealand  /  No Comments

New Zealand’s environment ministry on Tuesday launched its annual consultation on settings in its emissions trading scheme, and included proposals from the independent Climate Change Commission (CCC) that would see major increases in the price floor and ceiling at NZU auctions.

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Carbon tax can put dent in Asia-Pacific emissions, IMF says

Published 10:51 on April 13, 2021  /  Last updated at 10:51 on April 13, 2021  /  Asia Pacific, Australia, Carbon Taxes, China, International, Japan, New Zealand, Other APAC, South Korea  /  No Comments

A carbon tax of $25/tonne could put a significant dent in Asia-Pacific greenhouse gas emissions, but would have to be raised to three times that level to be in line with a 2C or lower global warming target, according to the International Monetary Fund (IMF).

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Researchers propose solution for voluntary carbon market’s Paris conundrum

Published 14:48 on April 8, 2021  /  Last updated at 14:53 on April 9, 2021  /  Asia Pacific, International, New Zealand, Voluntary Market  /  No Comments

A two-track system for carbon offsetting both within and beyond nations’ Paris Agreement obligations could cut through the ongoing debate on whether to demand corresponding adjustments from host nations or restrict voluntary market activities to non-NDC sectors, according to a recent report.

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New Zealand’s Z Energy warns of illiquid ETS, high prices under Commission proposals

Published 12:10 on March 29, 2021  /  Last updated at 12:10 on March 29, 2021  /  Asia Pacific, New Zealand  /  No Comments

New Zealand could face steeply rising carbon prices and an illiquid secondary market for NZUs if the government implements the recommendations from the independent Climate Change Commission as is, fuel supplier Z Energy has warned.

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EXCLUSIVE: Discredited, ageing Kyoto offsets re-emerge to taint voluntary carbon market

Published 16:29 on March 22, 2021  /  Last updated at 00:13 on March 23, 2021  /  Africa, Americas, Asia Pacific, Australia, Climate Talks, EMEA, EU ETS, International, Kyoto Mechanisms, Middle East, New Market Mechanisms, New Zealand, Other APAC, REDD, South & Central, US, Voluntary Market  /  No Comments

Years after being widely discredited, decade-old Kyoto Protocol offsets from Russia and Eastern Europe are still in circulation in the voluntary carbon market, with nearly 2.6 million sold to companies in the EU and US by an established trading house that said some buyers are seeking the cheapest possible credits.

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NZ Market: First NZU auction sells out at NZ$36

Published 23:55 on March 16, 2021  /  Last updated at 10:48 on March 17, 2021  /  Asia Pacific, New Zealand  /  No Comments

New Zealand sold all 4.75 million NZUs on offer at its inaugural auction Wednesday, with the sale clearing more than 7% below the secondary market at NZ$36 ($25.90).

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PREVIEW: NZ ETS participants brace for higher prices as auctions begin

Published 21:00 on March 14, 2021  /  Last updated at 21:56 on March 12, 2021  /  Asia Pacific, New Zealand  /  No Comments

Participants in New Zealand’s carbon market are expecting prices to trend higher this year, with this week’s start of allowance auctions heralding a new phase for the 13-year-old ETS.

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New Zealand adopts contested CO2 auction reserve price mechanism

Published 09:17 on March 11, 2021  /  Last updated at 01:15 on March 15, 2021  /  Asia Pacific, New Zealand  /  No Comments

New Zealand lawmakers have adopted a confidential reserve price mechanism for carbon permit auctions that observers say creates greater uncertainty and adds unnecessary risk of a failed sale.

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NZ Market: NZUs steady below NZ$39 with all eyes on first auction

Published 06:12 on March 8, 2021  /  Last updated at 08:42 on March 8, 2021  /  Asia Pacific, New Zealand  /  No Comments

New Zealand carbon allowances have stabilised at a shade below NZ$39 ($27.93) in recent days, as traders show limited appetite to take major new positions ahead of next week’s inaugural auction.

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