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Article: Drought puts NZ in black; EMISSIONS TRADING SCHEME
- Article from:
- The Press
- Article date:
- April 16, 2009
- Author:
CopyrightCopyright 2009 The Press. Provided by ProQuest LLC. (Hide copyright information)
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The controversial emissions trading scheme (ETS) is again under
review as projections show New Zealand has a carbon credit worth
almost $250 million.
Climate Change Minister Nick Smith yesterday revealed that
earlier gloomy projections about the size of the bill New Zealand
would have to pay to honour its Kyoto Protocol commitments had
changed, and the country was now in surplus.
New Zealand's net carbon deficit under the protocol ballooned to
about $1 billion two years ago and last year sat at $546m.
Officials say it has now been recalculated at a surplus of $246m.
The windfall has not come through New Zealand cutting its
industrial emissions or its total energy use but because of a fall ...