NZ firms get around emissions trading scheme
The ability of New Zealand firms to buy unlimited offshore carbon credits has rendered the emissions trading scheme almost ineffective.
Companies which need them to offset emissions are buying cheap European Union credits from countries which have signed up to the Kyoto Protocol, Bank of New Zealand manager of commodity sales Paul White says.
EU countries have an oversupply through a combination of economic recession and the unwieldy nature of the Kyoto arrangements. That has helped push the price of those credits down – to below $NZ6 a unit.