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MPI confirms Repayment of ERUs For Forest Non-Compliance

30/1/2014

 
Under the NZ ETS there are obligations for repayment of units for non-compliance. One example that Carbon Forest Services recently dealt with was a new client whose previous consultant had over claimed NZUs by 30% for the first Mandatory Emissions Period.
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We voluntarily disclosed the error to MPI, and helped the client through compliance with MPI waiving any additional penalties. However, MPI initially states that NZUs must be repaid for the over issuance.

After Carbon Forest Services challenged MPI they accepted that eligible RMUs, CERs and ERUs were also permissible under the legislation. This reduced the cost for the client from $3.40/unit to $0.20/unit.

Government Confirms ban on Foreign Credits

25/1/2014

 
ERUs and CERs will be banned in NZ from 01 June 2015. As a result of not joining the second commitment period of the Kyoto Protocol New Zealand will no longer have access to Kyoto units from late 2015. The NZ Emission unit Registry will not accept foreign credits from 01 June 2015. The Government has also confirmed that forest owners under the Permanent Forest Sink Initiative will no longer receive Kyoto AAUs but New Zealand Units.  Read more here.
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