Forestry credits sale marks world firstFriday 27 Mar 2009 Carbon News 2009 reports that New Zealand's emissions trading scheme has had its first trade. The deal is believed to involve the first sale of forestry credits anywhere in the world, and is the first ETS transaction outside Europe.The 50,000 tonnes of 2008 NZUs sold at $NZ20 a tonne, about 20 per cent down on the current price of certified emissions reductions (CERs, or offset credits from emissions reduction projects in developing countries). The deal is subject to the delivery of NZU credits to the forest owners who have registered for credits. OMFinancial's Nigel Brunel, who brokered the deal, said that the trade signifies the real start of New Zealand's emissions trading scheme. "Many people seem to think that the emissions trading scheme is on hold, but it's law and it's operating, as this trade shows," he said. "It's important for people to see that real efforts are being made to create a liquid transparent market. This trade is the first step in that direction." Brunel says that the units came from New Zealand forests. Neither the buyer nor seller wants to be identified, but Brunel confirmed that they are both New Zealand companies who have a desire to see a liquid carbon market up and running in New Zealand. Brunel is not surprised that NZUs traded at a lower price than CERs, given the fact that CERs are liquid, global and fungible. NZUs can be traded only in the New Zealand ETS, but can be converted to AAUs (international units) on application. Forestry owners wanting to claim credits for 2008 must register with the Ministry of Agriculture and Forestry by 31 March. Source: Carbon News 2009 |
Copyright 2004-2026 © Innovatek Ltd. All rights reserved. |