It highlighted what most of us in the industry already knew. That the NZ Emissions Trading Scheme should be re-named the Eastern European Emissions Trading Scheme.
99.5% of units surrendered to the Government were from overseas and primarily originated from eastern countries such as the Ukraine and Russia in the form of Emissions Reduction Units (ERUs).
Only 227,000 of the 45.5 million units surrendered were NZUs, and only 140,000 of these were from NZ forests.
Source: ETS 2013- Facts and Figures (Environmental Protection Agency)
The area of registered Post-1989 forest has reduced to 261,148 hectares; less than half of the total Post-1989 forest estate of 550,000 hectares.
Net deforestation is again on the rise for the first time since the ETS was implemented. New plantings have fallen to pre-2009 levels, and patterns of harvesting without replanting are back to 2010 levels.
Source: ETS 2013- Facts and Figures (Environmental Protection Agency) You can read the full reports here.