Press Release – Carbon News
Domestic carbon credits are no longer the unit of choice in the New Zealand carbon market.January 18 2013
Emitters turn backs on local credits
Domestic carbon credits are no longer the unit of choice in the New Zealand carbon market.
Figures from the official Emission Unit Registry show that emitters who initially supported NZUs are now using a range of international units to meet their carbon obligations under the Emissions Trading Scheme, Carbon News reports today.
In 2011 – the first year in which emitters were required to surrender carbon credits or pay the Government $25 for every two tonnes of carbon emitted – NZUs were by far the dominant unit, with more than eight million being surrendered. The only international credits surrendered were 133,150 CERs and 262,883 AAUs.
But last year, more than 16 million international credits (mainly CERs, ERUs from AAUs, and RMUs) were surrendered, while the number of NZUs surrendered fell to just over 4 million.
The figures back claims by forest owners and carbon traders that local emitters are using cheap international credits to meet their obligations, at the expense of credits generated by domestic forestry.