Wellington, New Zealand
New Zealand’s revamped carbon market starts trading
Enhanced system covers half of the country’s emissions to support its climate ambitions
New Zealand held its first auction of emissions allowances this week, heralding a major revamp of its carbon market and putting a hard cap on greenhouse gas pollution for the first time. Launched in 2008, New Zealand’s emissions trading system (ETS) did not initially have a binding cap but merely required emitters to buy any allowances they needed in excess of free allocations issued every year. The government carried out consultations over possible reforms in 2015, which led to significant changes that took effect at the start of this year. The regulator has set an overall cap on the emissions covered by its ETS of an average 40mn t/yr from 2021 to 2025 New Zealand’s upgraded marke
Also in this section
14 January 2025
Bioenergy will be a key part of the energy transition as the world decarbonises, and Brazil is set to be a major player in the sector
14 January 2025
The region has ample resources of both gas and renewable energy and developing both will be vital to the global effort to reduce emissions
13 January 2025
The region’s fast-growing economies stand at a pivotal juncture, with the opportunity to drive a sustainable growth strategy that will keep the world’s net-zero ambitions alive
10 January 2025
Global energy demand keeps rising, and digital technology will play a crucial role in both meeting that demand and doing so in a sustainable way
