Placing agriculture into NZ ETS would have “torpedoed the economy”, minister says
The New Zealand economy would have been torpedoed had agriculture been folded into the emissions trading scheme next year, the country’s climate minister told a conference Tuesday, despite a senior Nestle executive warning the sector is not doing enough to reduce emissions to remain internationally competitive.
Read MoreBRIEFING: NZ market participants welcome slash in auction volumes, but fundamental questions remain
The coalition government’s decision to follow the Climate Change Commission’s advice on emissions trading scheme price settings and auction volumes has been broadly welcomed, participants told a conference Tuesday, but key issues relating to the scheme have yet to be resolved.
Read MoreNZ cuts NZU auction volumes by about 50% starting 2025, spot market price surges
The New Zealand government will dramatically cut the volume of NZUs available at auction from next year, and will maintain the auction price floor, in line with the Climate Change Commission’s recommendations, it announced Tuesday.
Read MoreINTERVIEW: NZ market heading in the right direction, returning veteran says
While he took the time to disconnect from New Zealand’s carbon trading scheme during a recent gardening leave, a prominent figure in the market on Friday told Carbon Pulse he is optimistic about its fundamentals since returning.
Read MoreNew Zealand verifier wins backing for forestry certification standard
A New Zealand-based verifier on Thursday announced its verification standard for long-term forestry CO2 capture and storage had been validated by a global certification firm, the first time such a standard will be made available for the voluntary carbon market, it said.
Read MoreNZ to keep its options open on how to meet 2030 NDC
The coalition government is looking to ensure it has multiple avenues to meet New Zealand’s 2030 Nationally Determined Contribution (NDC), acknowledging it remains a significant challenge.
Read MoreFEATURE: Commonwealth promotes its model carbon tax, as CBAMs boost interest
The Commonwealth of Nations is speaking to three jurisdictions about implementing a model carbon tax law that its secretariat published last year, and is planning to further promote the law at COP29.
Read MoreNew Zealand to see minor increase in free NZU allocation after govt revises input factor
The New Zealand government on Friday announced a 3.2% increase for 2024 of the Electricity Allocation Factor (EAF), a key figure to determine the amount of CO2 permits that will be handed out to emissions-intensive, trade-exposed (EITEs) industries in the ETS.
Read MoreNew Zealand on track to meet first emissions budget, Climate Change Commission finds
New Zealand is on track to reach its first interim emissions reduction target based on a swathe of data assessed by the independent Climate Change Commission, but uncertainty persists, its inaugural annual monitoring report released Tuesday found.
Read MoreAir NZ drops 2030 emissions target, pulls out of SBTi
Air New Zealand on Tuesday dropped its 2030 carbon emissions intensity target and announced it is withdrawing from the Science Based Target initiative (SBTi), citing uncertain regulatory support and lack of sustainable aviation fuel (SAF) supply.
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