â€œIf Genesis wins this case it could remove the only legal control on pollutersâ€™ greenhouse gas emissions. This means that any climate polluting projects (such as Genesisâ€™ forthcoming Rodney gas proposal) could go through the consent process without climate change being considered at all.
The Press reports that NZ Windfarms is having no trouble finding investors for a new share issue:
â€œChairman Derek Walker said a 40 per cent oversubscription â€“ excluding a cornerstone stake taken by electricity network company Vector and a pool of shares for existing shareholders â€“ meant that demand from institutions would be scaled back.
The World Bank reports that global trading in carbon credits tripled last year to US$30bn, with the European market accounting for $25bn. $5bn was spent on emissions reductions in developing countries. The booming market, and tightening supply of credits in the European market prompts the Independent (UK) to caution that demand might exceed supply by the end of the Kyoto commitment period in 2012, forcing prices up. Credits are currently trading around E20 (NZ$37).
The New Zealand Stock Exchange (NZX) has announced that it will launch a voluntary emissions trading market in 2008. The new market will be called TZ1, referring to NZ’s position in the â€œfirst