â€œWe are looking for a design that will be economy-wide, and include all sectors, and all gases.
New Zealand’s greenhouse gas emissions rose 2.8% to 77.2m tonnes CO2e in 2005, mainly due to an increase in the proportion of thermal power generation in a dry year for hydro, according to the Ministry For The Environment. Details here, and NZ Herald story here.
The Herald points out the obvious:
In 2005 emissions were 24.7 per cent above the levels of 1990, and Treasury has estimated that at the end of February New Zealand’s liability under Kyoto was $567 million. The National Party claims the figure is actually closer to $1.8 billion.
The figures don’t (yet) include any information on how our carbon sinks performed, or any projection for the 2008-2012 Kyoto commitment period, when we either meet our target (100 percent of 1990 emissions) or buy credits. The government estimated in 2005 that we’ll overshoot our target by 36.2m tonnes over the five years. With the current EU trading price at about $37 per tonne, the cost of covering those emissions would be $1.34bn. Not quite what National (and the Greens, to be fair) were suggesting, but still a lot more than the government is admitting to.
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