MPI is seeking feedback on a range of proposed changes to the Permanent Forest Sink Initiative (PFSI) they hope will improve administrative efficiency, lower the cost of participation, enhance permanence, and increase economic returns to participants, with the overall goal of increasing an uptake of participation in the scheme.
The last two months has seen NZUs break through the $7 level for the first time since May 2012.
Yesterday NZUs close at around $6.90 after reaching earlier $7 earlier in the day. This is an increase of 35% in price for the same time last year. Most of this lift can be attributed to a lack of liquidity at low prices coupled with the prohibition of international credits in the NZ ETS which came into effect in June.
After a hurried and much criticised public consultation the Government has tabled New Zealand's 2030 emissions target in preparation for the UNFCCC meetings to be held later this year in Paris, where countries intend to establish the framework for the next international climate change agreement.
At first glance the Government's 30% reduction target appears to align with the majority of submitters who urged in the consultation for ambitious cuts of up to 40% below 1990 levels to prevent dangerous climate change. However, the baseline year for the 30% reduction is 2005, which equates to a target of only reducing emissions to 11% below 1990 levels.