New Zealand's Climate Change Minister updates ETS settings, reduces units for sale, and aims to increase carbon price, driving emission reductions.
New Zealand's Climate Change Minister Simon Watts announced updates to the Emission Trading Scheme (ETS) settings to enhance market credibility, aiming to reduce emissions and meet climate targets. The changes include reducing the number of units available from 2025 to 2029, decreasing from 45 million to 21 million, and retaining the current auction floor price, cost containment reserve price, and reserve volumes of New Zealand units. These alterations are expected to lead to an increased carbon price, encouraging businesses and individuals to reduce their emissions and meet climate targets, with minimal impact on everyday New Zealanders. Changes will take effect from the first auction of 2025.
August 19, 2024
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