319:. Stroombergen noted that giving permits to emitters instead of selling them in an auction had very different wealth distribution effects, with major emitters the biggest beneficiaries. So he asked why allocate and not auction? One reason is to compensate firms for 'stranded' assets that have less value due to emissions trading. In that case the compensation should only be the loss in asset value. Stroombergen considered New Zealand was only likely to have a few 'stranded' assets. The second reason is to compensate firms who may be at competitive disadvantage with overseas firms whose emissions are without a carbon price. Stroombergen considered that only basic commodities competing entirely on price would face this competitive risk, and that he would expect to see most permits auctioned, not given away as there is no economic basis for ongoing free allocation of permits.
323:
allocation is a transfer of wealth from households to industry may also be incorrect. This is based on NZIER modelling which suggests that because allocation protects the competitiveness of New
Zealand firms, it reduces the economic impact of the ETS. So the cost of allocation needs to be measured against the cost of not giving allocation. Finally Schilling states that allocation is needed to maintain the environmental integrity of the scheme. Allocation to efficient New Zealand firms reduces the risk that emissions will 'leak' offshore. Reducing the output of New Zealand firms, it is argued, will result in increased production in another nation, and perhaps a net increase in global emissions.
422:
25:
327:(or government revenue) of $ NZ11.6 billion. The exemptions and subsidies in Labour's ETS would have reduced that to about $ NZ1 billion. In terms of the obligation to surrender emissions permits, Labour's ETS would have reduced the gross hypothetical surrender obligation of 386 million credits (one for each tonne) for the five years down to 35 million credits.
233:
would not be limited. Unlike most other emissions trading schemes the NZ ETS has no limit on the volume of international emissions units (CERs and ERUs) that may be imported. Consequently, there is no cap or limit on the volume of emissions permitted in New
Zealand provided that emissions units are imported into the country and surrendered.
216:). It would be economy-wide, covering all sectors including agriculture. 'Participants' who must account for their emissions will be few and high in the production chain of each sector and will have to surrender one New Zealand unit (NZU) or one internationally tradable Kyoto-compliant unit for each tonne of emissions.
287:
Under the Labour
Government's initial proposal, allocation of NZUs would have been by a mix of auctioning and "grandfathering" (free allocation to existing emitters based on historic emissions). Forestry, transport, energy and industry would have had to obtain units by auction. Industries defined as
240:
Greenpeace noted that the proposed NZ ETS placed no limit on the number of permits that could be imported into New
Zealand and it did not include a domestic emission reduction target. Greenpeace considered that in operation the NZ ETS would be a carbon tax with the rate set by the world market price.
391:
described the 2008 NZ ETS as "weakened and watered down" and too generous to agriculture and other big polluters. Greenpeace considered that the NZ ETS would not drive the deep emission cuts needed to prevent global warming. Spokesperson Simon Boxer said: "This is very much a case of something being
326:
Economist Geoff
Bertram compared the price incentives of the 2008 NZ ETS with a carbon or greenhouse gas tax for Kyoto commitment period 1, 2008 to 2012. A tax of $ NZ30 per tonne, on the 386 million tonnes of emitted greenhouse gases likely to be emitted from 2008 to 2012, would give a price signal
384:
questioned the fact that agriculture would not enter the NZ ETS until 2013 and that the delay represented a $ 1.2 billion subsidy for the dairy industry. Norman said that existing technology allowed farmers to reduce emissions, and the agriculture sector should join the NZ ETS on the same timetable
291:
In the final version as set out in the
Climate Change Response (Emissions Trading) Amendment Act 2008, forest owners with pre-1990 forests were to receive a fixed one-off free allocation of units. Transport (Liquid fossil fuels), stationary energy and industrial processes would not receive any free
232:
acknowledged that the NZ ETS would not have a binding, absolute limit on the total level of emissions allowed in New
Zealand. While the quantity of NZ Units gifted to eligible emitters would be fixed, the quantity of international 'Kyoto-compliant' units that could be brought in to match emissions
219:
New
Zealand emission units would have been capped in number and distributed to participants either by grand-parenting (gifting) or auctioning. Sectors would enter the NZ ETS at staggered dates, from January 2008 (forestry) through until January 2013 (agriculture), and have differing allocations of
129:
announced that a
Parliamentary committee would review the New Zealand emissions trading scheme and recommend changes. Significant amendments were enacted in November 2009. Obligations for pastoral agriculture were further delayed. Obligations for energy and industry were halved via a "two for one"
304:
Professor
Jonathan Boston, Director of the Institute of Policy Studies (New Zealand) at Victoria University of Wellington, commented that the 2008 NZ ETS will be less effective in reducing emissions because of political compromises such as the delayed sector entry dates and the extended period of
402:
During the development of the scheme, John Stephenson of NZIER commented that the Government should "Take a breath and have a cup of tea" before proceeding. In Stephenson's opinion the negative effect of ETS on economic growth was too great. NZIER economic modeling was reported to have shown the
295:
Trade-exposed industry & energy would receive a free allocation of 90% of 2005 emissions annually to 2018. From 2019 to 2029 the free allocation would phase out at the rate of a 1/12 (8.3%) reduction each year. Agriculture would receive a free allocation of 90% of 2005 emissions each year to
236:
Ministry for the Environment Fact Sheet 16 stated: "There is no cap on the emissions that occur within New Zealand". However, the Ministry for the Environment still regarded the NZ ETS as operating within the cap on emissions established by the Kyoto Protocol for the first commitment period of
322:
In May 2008, Chris Schilling, an economist at the New Zealand Institute of Economic Research (NZIER), argued that free allocation of emissions units to 'at-risk' firms competing in export markets was necessary to maintain their competitiveness. Schilling also argued that the assumption that
220:
free New Zealand units. In general, participants who can pass on costs of the ETS, such as fuel companies to motorists, would not be allocated free units. While participants whose produce is priced internationally, such as dairy exporters, would be allocated a level of free units.
276:(CERs). However, temporary CERs and iCERS cannot be used, and neither can CERs and ERUs generated from nuclear projects. Consequently, compared to other emissions trading schemes, the NZ ETS is highly linked to the international markets and will be a price-taker.
403:
Labour ETS would take $ 3000 off individual household spending annually and cost 20,000 jobs. The modelling also showed that the Labour ETS would reduce the value of dairy land by 40 per cent and reduce dairy exports by 13 per cent.
296:
2018. From 2019 to 2029 the free allocation would phase out at the rate of a 1/12 (8.3%) reduction each year. Fishing would receive a free allocation of 50% of 2005 emissions each year from July 2010 to January 2013.
164:
On 9 September 2008, the sections of the Climate Change (Emissions Trading and Renewable Preference) Bill establishing the NZ ETS were separated into the Climate Change Response (Emissions Trading) Amendment bill.
241:
Bertram and Terry (2008, p35) concluded that the NZ ETS is not a cap-and-trade scheme as described in the economics literature because it does not place a cap on New Zealand's emissions of greenhouse gases.
249:
The 2008 NZ ETS created a new emission unit, the New Zealand Unit (NZU), which the Ministry for the Environment described as being the 'primary domestic unit of trade'. The NZU is equivalent to one
370:
The Sustainability Council stated that farmers and big industries were being heavily exempted through gifted allocations of New Zealand Units which were effectively off-balance sheet subsidies.
237:
2008–2012. Moyes (2008) describes this as a "flexible cap" where New Zealand sourced emissions regulated by the NZETS are constrained only by the international market price for GHG emissions.
146:
stated: "The Government believes that an emissions trading scheme which puts a price on emissions creates the right incentives across the economy to use fuel and energy more efficiently".
1335:
882:
The New Zealand ETS is not a cap-and-trade scheme because there is no cap. The NZUs to be traded under the ETS are not shares in a fixed total volume of allowed emissions. (p 35.)
982:
288:'trade-exposed' would have received a free allocation of 90% of their 2005 emissions. Agriculture would have received an allocation of units equivalent to 90% of 2005 emissions.
168:
On 10 September 2008, the Climate Change Response (Emissions Trading) Amendment Act 2008 had its third reading in Parliament and was adopted 63 votes to 57 with support from the
1013:
399:
put on a piece of street theatre where a "witch" whipped a "farmer" who was dragging an oversized cheque made out to Russia for $ NZ 5 billion from the New Zealand taxpayer.
161:
including all sectors of the economy and all greenhouse gases. The bill also restricted the commissioning of any new fossil-fuelled thermal power stations for 10 years.
260:
As noted in the previous paragraph, participants in the NZ ETS could also use most of the 'Kyoto Units' to meet their surrender obligations. The permitted units were:
279:
The Sustainability Council called for the existing international emission units established under the Kyoto protocol to be used instead of the New Zealand Units.
895:
800:
380:
said that she thought the NZ ETS was a 'first step' and that New Zealanders should avoid thinking that the NZ ETS 'fixed' climate change. The Greens co-leader
46:
130:
deal. Free allocation of units to industry was made uncapped and output based and with a slower phase-out. A price cap of $ 25 NZD per tonne was introduced.
629:
1329:
599:
570:
312:, commented that the NZ ETS would be costly to tax payers as it provided for very high levels of free allocation of emission units to emitters.
257:. It is the NZUs that will be allocated by 'grandfathering" to forestry, industry, energy, fishing and agriculture under an allocation plan.
406:
In April 2009, the Sustainable Energy Forum described the NZ ETS as an "almost completely ineffective means of reducing New Zealand's gross
1281:
857:
1266:
831:
728:
990:
229:
33:
1371:
367:
Chief Executive Phil O’Reilly described the legislation as "deficient","a risk to our economy" and an "example of poor law-making".
315:
In August 2007, Infometrics economist Adolf Stroombergen wrote an opinion article about permit auctions and free allocation for the
1061:
309:
126:
1356:
150:
139:
106:
955:
929:
729:"The Framework for a New Zealand Emissions Trading Scheme – 4 Core Design Features 4.8.2 Definition of the cap for the NZ ETS"
685:
625:
566:
1180:
110:
1135:
1110:
491:
377:
169:
445:
122:
1157:
153:
introduced the Climate Change (Emissions Trading and Renewable Preference) Bill into Parliament. The bill amended the
903:
808:
466:
176:. The Climate Change Response (Emissions Trading) Amendment Act 2008 received the royal assent on 25 September 2008.
1366:
1361:
154:
1311:, Institute of Policy Studies Work Paper 09/04, The Institute of Policy Studies Victoria University of Wellington
633:
495:
388:
142:
announced that it intended to establish an emissions trading scheme to respond to climate change. Prime Minister
316:
1214:
1323:
780:
Unlike most other ETS, the NZ ETS places no limit on the volume of CERs and ERUs that may be imported (p 936)
603:
435:
574:
342:
1 January 2010 : Stationary energy, Industrial processes, Trade-exposed Industry & Energy, Fishing
273:
689:
361:
climate change spokesman Nick Smith described the NZ ETS as 'rushed', 'flawed' and 'riddled with errors'.
1351:
358:
756:
335:
In the Climate Change Response (Emissions Trading) Amendment Act 2008, the sector entry dates were;
407:
265:
38:
691:
A New Zealand Emissions Trading Scheme, Speech at Banquet Hall, Parliament Buildings, Wellington
1290:
866:
832:"New Zealand's expanding carbon footprint: analysis of New Zealand's Emissions Trading Scheme"
440:
261:
254:
1268:
New Zealand's expanding carbon footprint: analysis of New Zealand's Emissions Trading Scheme
138:
On 20 September 2007, after consulting on policy options for climate change and energy, the
1236:
757:"Greenhouse Gas Emissions Trading in New Zealand: Trailblazing Comprehensive Cap and Trade"
364:
600:"Legislative History Climate Change Response (Emissions Trading) Amendment Act 2008 No 85"
8:
373:
1065:
427:
1303:
205:
173:
158:
118:
1087:
1039:
959:
705:
660:
518:
1283:
The Carbon Challenge. Response and Responsibility and the Emissions Trading Scheme
396:
209:
859:
The Carbon Challenge: Response, Responsibility, and the Emissions Trading Scheme
1313:. A 52-page report on the policy background to and detail of the 2008 NZ ETS.
253:
of greenhouse gases in a one-year compliance period. The NZU is 'backed' by an
189:
185:
114:
1345:
1237:"Emissions trading is ineffective in reducing gross greenhouse gas emissions"
602:. New Zealand Parliamentary Counsel Office. 25 September 2008. Archived from
381:
269:
1336:
The Framework for a New Zealand Emissions Trading Scheme: Executive Summary
81:
299:
1206:
544:
540:
143:
1305:
The New Zealand Emissions Trading Scheme: A step in the right direction?
1064:(Press release). Business New Zealand. 11 September 2008. Archived from
573:(Press release). New Zealand Government Media Release. Archived from
1019:. The Institute of Policy Studies, Victoria University of Wellington
663:(Press release). New Zealand Science Media Centre. 12 September 2008
1289:, Wellington: Sustainability Council of New Zealand, archived from
1138:(Press release). Greenpeace Aotearoa New Zealand. 18 September 2008
103:
The Climate Change Response (Emissions Trading) Amendment Act 2008
71:
The Climate Change Response (Emissions Trading) Amendment Act 2008
1160:(Press release). Greenpeace Aotearoa New Zealand. 21 August 2008
24:
983:"Free allocation within the ETS: a fair and efficient subsidy?"
250:
1242:(Press release). Sustainable Energy Forum Inc. 29 April 2009
896:"Units of trade in the New Zealand emissions trading scheme"
706:"New Zealand emissions trading scheme Questions and answers"
244:
1332:
Ministry for the Environment, September 2008; INFO 317–329
1338:
Ministry for the Environment, September 2007, Ref. ME810.
958:. Infometrics Ltd (www.infometrics.co.nz). Archived from
661:"Scoop: ETS passed: did science get enough of a look in?"
865:. Sustainability Council of New Zealand. Archived from
801:"Major design features of the emissions trading scheme"
632:(Press release). New Zealand Government. Archived from
467:"Emissions trading scheme up for review under Act deal"
300:
Effectiveness of price incentive for emission reduction
345:
1 January 2011 : Transport (Liquid fossil fuels):
517:
Cullen, Michael; Parker, David (20 September 2007).
417:
930:"Sustainability lobby says emissions scheme unfair"
496:"Balanced new law important step on climate change"
1265:Saddler, Hugh; Denniss, Richard (February 2008).
1088:"ETS a first step, time for some big strides now"
830:Saddler, Hugh; Denniss, Richard (February 2008).
1343:
308:Dr Suzi Kerr, an economist and Senior Fellow at
133:
1090:(Press release). Green Party. 11 September 2008
1014:"How Not to Design an Emissions Trading Scheme"
519:"Government announces emissions trading scheme"
385:as fuel companies – in 2009, rather than 2013.
282:
105:was a statute enacted in September 2008 by the
1264:
902:. Ministry for the Environment. Archived from
829:
823:
807:. Ministry for the Environment. Archived from
490:
1040:"Flawed ETS bill will be amended by National"
1279:
956:"Fairness must dictate our emissions policy"
953:
855:
630:"Historic climate change legislation passes"
516:
1280:Bertram, Geoff; Terry, Simon (April 2008),
1207:"Emissions trading cost 'too great' for NZ"
1199:
1042:. Press Release: New Zealand National Party
856:Bertram, Geoff; Terry, Simon (April 2008).
708:. New Zealand Government. 20 September 2007
545:"Launch of emissions trading scheme Speech"
179:
117:uncapped and highly internationally linked
1111:"Greens: Public should not pay dairy bill"
849:
731:. Ref. ME810. Ministry for the Environment
484:
109:that established the first version of the
980:
794:
792:
790:
788:
680:
678:
395:To express opposition to the NZ ETS, the
184:The proposed scheme was to cover all six
1108:
750:
748:
746:
310:Motu Economic and Public Policy Research
245:Units of trade and international linkage
49:of all important aspects of the article.
1301:
1011:
1005:
923:
921:
618:
594:
592:
571:"Climate change legislation introduced"
521:(Press release). New Zealand Government
498:(Press release). New Zealand Government
464:
1344:
954:Stroombergen, Adolf (17 August 2007).
785:
684:
675:
624:
565:
107:Fifth Labour Government of New Zealand
45:Please consider expanding the lead to
1217:from the original on 22 February 2013
1181:"ACT gets dramatic about ETS message"
1037:
974:
754:
743:
655:
653:
651:
539:
330:
1178:
1109:Houlahan, Mike (28 September 2007).
927:
918:
589:
305:free allocation of emissions units.
111:New Zealand Emissions Trading Scheme
18:
1330:Factsheets emissions trading scheme
1274:. Auckland: Greenpeace New Zealand.
1012:Bertram, Geoff (13 November 2009).
893:
798:
726:
465:Fleming, Grant (16 November 2008).
13:
1258:
1158:"ETS must pass despite weaknesses"
648:
446:List of climate change initiatives
348:1 January 2013 : Agriculture:
123:New Zealand general election, 2008
14:
1383:
1317:
1136:"The NZ Emissions Trading Scheme"
1038:Smith, Nick (11 September 2008).
1372:Environmental law in New Zealand
981:Schilling, Chris (16 May 2008).
420:
223:
212:(PFCs), sulphur hexafluoride (SF
155:Climate Change Response Act 2002
23:
16:Act of Parliament in New Zealand
1229:
1172:
1150:
1128:
1102:
1080:
1054:
1031:
947:
887:
720:
698:
37:may be too short to adequately
559:
533:
510:
458:
339:1 January 2008 : Forestry
47:provide an accessible overview
1:
1357:Climate change in New Zealand
1302:Bullock, David (March 2009),
451:
436:Climate change in New Zealand
274:Certified Emission Reductions
134:Legislative history 2007–2008
113:, a national all-sectors all-
352:
283:Allocation of emission units
230:Ministry for the Environment
7:
413:
10:
1388:
1187:. APN Holdings NZ Limited
96:climate change mitigation
95:
90:
80:
75:
70:
1179:NZPA (24 October 2008).
987:National Business Review
837:. Greenpeace New Zealand
547:. New Zealand Government
408:greenhouse gas emissions
266:Emission Reduction Units
180:Summary of Labour NZ ETS
159:emissions trading scheme
149:On 4 December 2007, the
1367:2008 in New Zealand law
1362:Statutes of New Zealand
1298:. A 137-page analysis.
755:Moyes, Toni E. (2008).
376:, the Co-Leader of the
127:National-led government
1326:at legislation.govt.nz
1185:The New Zealand Herald
1115:The New Zealand Herald
928:NZPA (30 April 2008).
727:MfE (September 2007).
471:The New Zealand Herald
392:better than nothing."
76:New Zealand Parliament
900:Factsheet 27 INFO 329
805:Factsheet 16 INFO 318
764:Ecology Law Quarterly
688:(20 September 2007).
628:(10 September 2008).
543:(20 September 2007).
441:Energy in New Zealand
292:allocation of units.
262:Assigned amount units
140:Labour-led Government
894:MfE (October 2008).
799:MfE (October 2008).
636:on 26 September 2008
494:(25 November 2009).
365:Business New Zealand
255:assigned amount unit
192:, carbon dioxide (CO
1276:A 20-page analysis.
1068:on 24 November 2012
1062:"ETS deficient law"
569:(4 December 2007).
389:Greenpeace Aotearoa
374:Jeanette Fitzsimons
357:In September 2008,
200:), nitrous oxide (N
1296:on 14 October 2008
872:on 14 October 2008
577:on 16 October 2008
428:New Zealand portal
331:Sector entry dates
206:hydrofluorocarbons
121:scheme. After the
1352:Emissions trading
1211:The Dominion Post
188:specified in the
174:New Zealand First
151:Labour Government
119:emissions trading
100:
99:
86:25 September 2008
64:
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606:on 22 March 2012
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210:perfluorocarbons
186:greenhouse gases
157:by inserting an
115:greenhouse gases
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19:
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1259:Further reading
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993:on 11 June 2011
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32:This article's
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1318:External links
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1213:. 1 May 2008.
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906:on 2 June 2010
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811:on 23 May 2010
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41:the key points
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