Emissions Trading Scheme
Chapman Tripp's views on New Zealand's Emission Trading Scheme.
29 August 2012
The window for input on the Climate Change Response (Emissions Trading and Other Matters) Amendment Bill is small with submissions due by 10 September 2012.
The Bill passed its first reading last week and has been referred to the Finance and Expenditure Select Committee with a report back date of 17 October.
06 July 2012
The main thrust of the latest amendments to the Emissions Trading Scheme (ETS), widely telegraphed in advance, is to further soften the scheme’s implementation to avoid imposing increased costs on business in the current economic climate.
But some changes also reflect an increasing willingness by the Government to move away from some of the bedrock principles of the ETS – doubtless based on the benefit of a couple of years of experience with an operative scheme.
09 May 2012
Most of the commentary around Marlborough District Council v Altimarloch Joint Venture Limited & Ors judgment focussed on the duty of care owed by local authorities for some statements they make in Land Information Memoranda.
But the decision also highlights the risks of making statements before a contract is concluded (whether a party to the contract or not) and provides guidance on the litigation strategy to adopt if things go wrong.
09 November 2011
National will adopt most of the recommendations of the Caygill Review into the Emissions Trading Scheme (ETS), with two key exceptions:it will maintain the $25 per tonne price on carbon until 2015; and as already signalled, it has kicked for touch in relation to agriculture’s entry to the ETS.
15 February 2011
Events in the international arena will be a key input for the Emissions Trading Scheme Review. In particular, the Review Group has been instructed to keep a close watch on the work of the Australian Multi Party Committee on Climate Change.
This Brief Counsel looks at what is happening on the world stage, and the likely outcomes of the Review.
10 December 2009
After being lovingly sculpted to fit the contours of the Australian Carbon Pollution Reduction Scheme (CPRS), the ETS was left standing at the altar when Kevin Rudd was unable to get his legislation over the line. But, even allowing for the instability created by the non-passage of the CPRS, business needs to work with the ETS as it is now. This Brief Counsel discusses where next with the CPRS, how the ETS Mark II will work and the compliance requirements for key sectors.
17 November 2009
National will now need to rely on Supplementary Order Papers (SOPs) delivered on the floor of the House and on last minute negotiations with the Māori Party if it is to get its ETS amendments through Parliament before the Copenhagen Climate Change Conference next month. The next few days and weeks will be crucial to what form of ETS we start the New Year with. This article discusses the likely scenarios.
15 September 2009
With the Maori Party on-side, National now has the numbers to push through the revamped Emissions Trading Scheme (ETS) it wanted. A Bill will be introduced next week and then the Emissions Trading Scheme Review Committee will once more consider the issue. So what is in the Bill? And will this finally give the Scheme certainty?
11 September 2009
The international carbon market doubled its value last year to around USD$126 billion and New Zealand businesses are already participating, even as we await the outcome of political negotiations regarding the final shape of our Emissions Trading Scheme (ETS). For the finance sector, the ETS and carbon trading will create an opportunity and a new area of potential competitive advantage. This Brief Counsel provides an overview of some of the possibilities and the risks.
02 September 2009
The Government will need skill, sensitivity and application if it is to get an agreed Emissions Trading Scheme to take to the Copenhagen Climate Change Conference in December. But, although it is a big ask, it is by no means impossible. This Brief Counsel looks at where ETS policy may be heading.
11 August 2009
The government has set an emissions reduction target of between 10% and 20% by 2020, conditional upon a credible global climate change agreement; effective rules on forestry and New Zealand having access to international carbon markets. This article provides a brief analysis of the government’s approach and what it may mean for business.
07 July 2009
There has been significant domestic attention focused on the Select Committee reviewing New Zealand’s Emissions Trading Scheme, which is yet to report back to Parliament after hearing submissions in May 2009. At the same time, other countries’ domestic developments have been continuing apace. The most important new development is the emissions trading legislation passed at the end of June by the US House of Representatives, which President Obama has called an “extraordinary step” and urged the Senate also to approve.
07 July 2009
Welcome to the third issue of Connected Asia Pacific, Chapman Tripp's monthly Brief Counsel focused on developments in international trade, investment and arbitration in the Asia Pacific region.
12 June 2009
The release this week of draft climate change regulations is a timely reminder that, although the architects have the Emissions Trading Scheme under review, the builders are still very much on site and getting on with business. Submissions are called on the design of the technical emissions reporting system under the ETS. And the consultation period is short with a submission deadline of 30 June 2009.
26 March 2009
The commitment by the Rudd and Key governments to explore harmonisation of the two countries' emissions trading regimes has important implications for our Emissions Trading Scheme.
17 March 2009
National’s new climate change legislation is being developed in a fast-moving and unpredictable environment. This Counsel considers some of the influences at play as New Zealand re-evaluates its climate change policy and speculates upon some potential areas of policy reform.
27 January 2009
The Supreme Court, in its first climate change decision, has found against Greenpeace’s argument that consent authorities should, in some circumstances, consider the negative effects of greenhouse gas emissions when assessing resource consent applications under the Resource Management Act 1991.
22 January 2009
The Government has appointed a special select committee, chaired by United Future Leader Peter Dunne, to review the Emissions Trading Scheme. Submissions close February 13 and the Committee expects to report back to Parliament by March, with legislation passed by September. Chapman Tripp Senior Solicitor Chris Bougen talks to Linda Clark about what is likely to emerge from the review.
18 November 2008
This article notes the members of the newly formed climate change special Select Committee and the issues they will focus on.
13 November 2008
The election of a National-led government has thrown the newly enacted Emissions Trading Scheme (ETS) back onto the political playing field. Many in the business community will welcome this.
20 June 2008
It is being called the most significant economic reform since the economic deregulation of the 1980s. It will touch every sector of the New Zealand economy. However, with the election looming, the Labour-led Government is struggling to get its Emissions Trading Bill over the line.
08 June 2008
International tradability of carbon credits is one of the key features of emission trading scheme design. Linking the NZ ETS to the global carbon markets provides New Zealand firms with sources of additional credits for meeting obligations under the NZ ETS, as well as alignment with international prices.
17 December 2007
Recently the Government introduced the cornerstone of its climate change policy agenda, the Climate Change (Emissions Trading and Renewable Preference) Bill. This is a brief overview of the two most important areas – the consultation process that will occur throughout 2008 and the issues still open for consultation.
26 September 2007
The proposed carbon-trading scheme is complex, ambitious and cautious at the same time and still only faintly drawn. The scheme relies on a great deal of consultation and negotiation yet to come and the Government admits it is hard to predict the directions in which the emissions market may evolve.
23 July 2007
In the next few weeks the Government will release its response to the challenge of climate change. This will be a significant policy with the potential to affect every business and every consumer in the country.