Govt congratulates NZX on climate change initiative
Climate Change Minister David Parker says he's impressed by the willingness of New Zealand businesses to get stuck in and develop solutions to climate change.
NZX and the Carbon Market Working Group, which comprises a number of prominent New Zealand companies, today revealed details of a proposal for a greenhouse gas emissions trading platform.
"Here's a group of businesses that can see the advantages arising from New Zealand's commitment to the Kyoto Protocol, under the Labour-led government."
The government was pleased to provide technical advice to NZX in scoping the feasibility of their emissions trading initiative, David Parker said.
Trading platforms can be set up by the private sector without government involvement; however there are regulatory adjustments the government can make that will assist such an initiative.
"The government sees the value in this initiative. Emissions trading presents business opportunities, which are a key driver for motivating businesses to take positive action against climate change."
Emissions trading is a way of limiting the production of greenhouse gases, usually by establishing an overall cap, and allocating participants rights to emit a given amount within that cap. Those who exceed their limits can buy credits from those who come in under their limits. The price of credits is set by demand and supply.
"Within government, work is already progressing on the design of a cap-and-trade emissions trading scheme involving all sectors. Feedback from our consultation on climate change and energy policy earlier this year indicates that this is the preferred option of most stakeholders."
"Our approach to tackling climate change is that all must play a part in reducing greenhouse gas emissions, recognising that it will be easier for some sectors than for others. Although no final decisions have been made, we believe emissions trading is probably the best and most flexible way for that to happen," David Parker said.
"I congratulate NZX and their partners for taking steps to stamp a New Zealand flavour on a platform for emissions trading- something that is undoubtedly set to become a world-wide phenomenon for tackling climate change."
NZX and the Carbon Market Working Group, which comprises a number of prominent New Zealand companies, today revealed details of a proposal for a greenhouse gas emissions trading platform.
"Here's a group of businesses that can see the advantages arising from New Zealand's commitment to the Kyoto Protocol, under the Labour-led government."
The government was pleased to provide technical advice to NZX in scoping the feasibility of their emissions trading initiative, David Parker said.
Trading platforms can be set up by the private sector without government involvement; however there are regulatory adjustments the government can make that will assist such an initiative.
"The government sees the value in this initiative. Emissions trading presents business opportunities, which are a key driver for motivating businesses to take positive action against climate change."
Emissions trading is a way of limiting the production of greenhouse gases, usually by establishing an overall cap, and allocating participants rights to emit a given amount within that cap. Those who exceed their limits can buy credits from those who come in under their limits. The price of credits is set by demand and supply.
"Within government, work is already progressing on the design of a cap-and-trade emissions trading scheme involving all sectors. Feedback from our consultation on climate change and energy policy earlier this year indicates that this is the preferred option of most stakeholders."
"Our approach to tackling climate change is that all must play a part in reducing greenhouse gas emissions, recognising that it will be easier for some sectors than for others. Although no final decisions have been made, we believe emissions trading is probably the best and most flexible way for that to happen," David Parker said.
"I congratulate NZX and their partners for taking steps to stamp a New Zealand flavour on a platform for emissions trading- something that is undoubtedly set to become a world-wide phenomenon for tackling climate change."