Decisions on Kyoto Protocol emission unitsFriday 13 Dec 2013 Acting Minister for Climate Change Issues Simon Bridges has announced decisions to restrict the use of some types of Kyoto Protocol emission units within New Zealand’s Emissions Trading Scheme.“Decisions in the international climate change negotiations in Doha last year, including restrictions on New Zealand’s ability to trade any international Kyoto units after 2015, and the lack of action on international markets at the recent Warsaw negotiations, have contributed to uncertainties within Kyoto markets,” Mr Bridges says. “These conditions make it preferable for our ETS to operate with restricted access to these markets for the time being.” Mr Bridges confirmed that the current hold on issuing Letters of Approval for direct participation by New Zealand entities in Clean Development Mechanism projects will continue, meaning the ETS will operate with restricted access to Kyoto markets from 2016 onwards. “The Government considers international markets an important component of the Emissions Trading Scheme, and intends to review the level of access to international markets within it when international market conditions are better suited to New Zealand’s domestic circumstances.” Mr Bridges also announced a complementary decision around the use of existing Kyoto units in the ETS after May 2015. More >>
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