The New Zealand government said on Monday it is reviewing the country’s emissions trading scheme (ETS) and the use of forestry to help offset carbon emissions because of concerns the current process may not boost emissions reductions.
New Zealand Minister of Climate Change James Shaw said in a statement the Climate Change Commission had advised the government that, in its current form, the ETS may not be encouraging emissions reductions since it is cheaper for most companies to just buy emissions units, rather than invest in ways to cut pollution.
“We want to make sure the NZ ETS is doing the job, as well as it can be, for the work it was created for,” Shaw said. The government is looking at four ways the ETS could be improved. These include reducing the number of carbon credits sold at auctions, increasing demand for those units to allow the government or overseas buyers to purchase them, strengthen incentives to cut gross emissions or create separate incentives for reductions.
It is also looking for feedback on what forestry can be included in the permanent forestry category and be eligible to earn carbon credits.Reporting by Lucy Craymer; editing by Diane Craft
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