New Zealand needs a strong and stable Emissions Trading Scheme (ETS) that is well placed for the future, after emission units failed to sell for the fourth and final auction of the year, Climate Change Minister Simon Watts says.
At today’s auction, 15 million New Zealand units (NZUs) – each representing one metric tonne of carbon dioxide – were for sale, including more than 13 million unsold NZUs carried over from the three previous 2023 auctions.
There were also an additional 8 million NZUs within the cost containment reserve. All NZUs from 2023 will now be cancelled.
“Our Government has immediately stopped work on the ETS Review carried out by the previous Labour Government which was driving uncertainty and was a factor in the failed auctions,” Mr Watts says.
“The market has been suffering from a degree of volatility and as a result we’ve seen the carbon price fluctuate over time.
“It’s important to have market stability – and give businesses certainty and confidence.
“Our Government is committed to restoring credibility in the ETS as it remains the Government’s key tool to reduce emissions.”
“Oh no, the fairy tale commodity we made up out of thin air isn’t selling well on the global ponzi sche… um… carbon market.
You’re all going to have to pay higher taxes and stop showering next year.”
-the “experts”
What a complete load of rubbish.
I saw the title and thought it was ET’s – Extra Terrestrials – so it sounded interesting.
Then I read the article and thought it’s not interesting.
Its proponents make it boring DELIBERATELY so that people won’t pay attention to the obvious con.
How does trading credits reduce emissions. Big polluters/corporates just buy credits to compensate and pass the costs to consumers. The environment deserves good treatment. The climate is well beyond any NZ efforts to control.
Lunacy
That gigantic nuclear fusion reaction up in the sky is what ultimately determines the Earth’s climate.
Everything else is just a politician trying to sell you a new tax.
I’m sitting here eating popcorn 🍿 and loving the comments. This article is clearly a wind up for those who subscribe to DT.