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Article: New Zealand: NZ's $1 billion carbon credit liability set to fall, says Climate Change Minister.
- Article from:
- TendersInfo
- Article date:
- May 6, 2008
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Byline: Mamta03
New Zealand's $1 billion carbon credit liability is set to fall dramatically according to Climate Change Minister David Parker.
The liability is an estimate of how much New Zealand will have to spend to buy carbon credits if climate change emissions are not reduced to levels agreed to under the Kyoto Protocol, or offset by tree plantings.
Treasury figures released yesterday show New Zealand's Kyoto liability had grown to more than $1 billion, when once there was estimated to be a $500 million credit.
Mr Parker said the Treasury estimate of the cost would soon drop significantly thanks to the impact of the emissions ...