The Climate Change Commission’s first advice on updating the Emissions Trading Scheme unit limits and price control settings for the next five years was released today, triggering the posting of expert comments from the Science Media Council.
The advice on updating NZ ETS settings will now be delivered annually to the Minister by the Commission.
Under the ETS, businesses that emit carbon must surrender a carbon credit – or unit – for every tonne of pollution they emit.
Commission Chair Rod Carr said confidence in the stability and predictability of the scheme was key to making it effective.
“It needs to be kept up-to-date, so that it aligns with the country’s emissions reductions targets,” Dr Carr says.
“Aligning NZ ETS settings up with our emissions reduction targets will make it easier and cheaper to achieve those goals, and guide us towards a thriving, low emissions, climate resilient economy.”
Compared to current settings, the Commission recommends: Continue reading