Emissions trading in New Zealand: development, challenges and design

Abstract

Successive New Zealand governments have failed to adopt effective climate change policies. A positive, albeit limited, step was taken with the New Zealand Emissions Trading Scheme in 2008, a scheme founded on a framework of comprehensive coverage, applying to all sectors of the economy and all Kyoto gases, addressing the challenge of creating an emissions trading scheme tailored for a country characterised by large forest sinks and substantial agricultural emissions. Amendments in 2009 created significant changes in the way the scheme operates. These included delaying the entry of key sectors, moving to an ‘intensity' based approach, to the free allocation of emissions units and implementing a ‘transition period’. The development of New Zealand's climate change policy highlights the difficulties of a unique emissions profile and strong political interests, particularly the influence of a powerful agriculture sector.

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