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NZ Announces Banned ETS Units

by Mary Swire, Tax-News.com, Hong Kong

20 December 2012


The New Zealand government is to ban some international emissions units from its Emissions Trading Scheme (ETS) amid concerns over their "environmental integrity."

In particular, international units generated from industrial gas destruction projects and large hydropower projects that do not meet World Commission on Dams guidelines are to be excluded. Australia and the European Union (EU) have also announced their intention to restrict these units from their ETS regimes.

Units currently in the New Zealand Emissions Unit Register can be used to meet surrender obligations. Emitters who have already committed to purchase these types of units in forward contracts will be able to use them for surrender obligations until June 2014, providing contracts were entered into prior to December 17, 2012.

The banning of these units is not expected to significantly reduce the supply of units in the period up to 2015. The government therefore anticipates the initiative having no impact on the carbon price.

TAGS: environment | tax | environmental tax | carbon tax | New Zealand

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