The Environmental Protection Authority – which works with other government agencies to implement the Emissions Trading Scheme – has geared up to do its work during the COVIND-19 lockdown.
The ETS is the Government’s main tool for meeting domestic and international climate change targets. It aims to encourage people to reduce greenhouse gas emissions by putting a price on greenhouse gas emissions.
One emission unit, the New Zealand Unit, represents one metric tonne of carbon dioxide or carbon dioxide equivalent (ie, the amount of another greenhouse gas that does as much damage as one tonne of carbon dioxide).
The Government gives eligible foresters units for carbon dioxide that is absorbed by their trees. The foresters can sell these units on the NZ ETS market. Businesses with surrender obligations (legal obligations to hand over units) must purchase enough units to cover their emissions. These units are then surrendered to the Government. Continue reading