Industrial gas units banned from NZ's ETSFriday 20 Jan 2012 Climate Change Minister Nick Smith in the week leading up to Xmas announced the New Zealand Government is banning some international emissions units from the country’s Emissions Trading Scheme (ETS)."We are banning international units generated from industrial gas destruction projects involving HFC-23 and N2O because we are concerned that they create perverse incentives that may not benefit the environment. This change is about ensuring the environmental integrity of the New Zealand Emissions Trading Scheme," said Dr Smith. This decision arises from the 2011 Review of the ETS that recommends that urgent consideration be given to banning the units and a subsequent discussion paper on the issue released in October. “Australia and the European Union have already announced their intention to ban these industrial gas CERs from their emission trading schemes. It's important that New Zealand does the same or we risk becoming a dumping ground for units of questionable environmental benefits," said Dr Smith. More >> The NZ Forest Owners Association welcomed the decision saying that it was essential in order to give the New Zealand market some integrity. However, they also commented that there was still more work to do be done on the country's ETS if a major financial headache down the road was to be avoided.
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