The price of carbon is not high enough to incentivise companies to cut emissions. Read more at straitstimes.com.
WELLINGTON – New Zealand is reviewing the way it puts a price on carbon emissions amidst concerns the current system is failing to adequately reduce pollution.
All sectors of New Zealand’s economy, apart from agriculture, pay for their emissions through the ETS, which requires polluters to surrender units to offset their emissions. Units are issued to activities that remove emissions, such as forestry, and can then be bought by polluters. The government also auctions units.
Another option is to create separate incentives for gross emission reductions and removals through a new market, which would include removing forestry from the ETS.
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