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Consultation on Proposed Changes – 2012

Consultation on Proposed Changes – 2012. The Emissions Trading scheme. 1. General Scheme Changes. ‘One for two’ surrender obligation phases out in three equal steps from 2013 to 2015 $25 fixed price option kept until at least 2015 Ability to auction NZUs within an overall cap

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Consultation on Proposed Changes – 2012

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  1. Consultation on Proposed Changes – 2012

  2. The Emissions Trading scheme

  3. 1. General Scheme Changes • ‘One for two’ surrender obligation phases out in three equal steps from 2013 to 2015 • $25 fixed price option kept until at least 2015 • Ability to auction NZUs within an overall cap • Ability to restrict international units

  4. 2. Agriculture and Forestry Changes • Ability to delay agriculture’s entry • Offset deforestation of pre-1990 forestry • Review pre-1990 forest compensation

  5. Transition phase • Phase out ‘one for two’ more gradually: • 67% obligation 2013 • 83% 2014 • full obligation 2015 • $25 fixed price option kept until at least 2015

  6. Supply of New Zealand Units • Manage supply of NZUs through auction to reduce excessive buying of international units • Supply of NZUs auctioned and allocated would match target level of emissions • Also propose ability to restrict proportion of international units that could be surrendered

  7. How Auctioning Could Work Difference met via post 89 forestry or international units Actual emissions Extra NZUs Auctioned by Govt Target level of emissions NZUs Allocated to Industry and Agriculture

  8. Ability to delay agriculture’s entry (for three years) Conditions: • technologies are available to reduce these emissions • our international competitors are taking sufficient action on their emissions in general.

  9. Offset deforestation of pre-1990 forest

  10. The Offset Forest (International Guidance) Conditions for new forest: Available from start of 2013 Minimum area and carbon equivalent Not on land that is already forest land Planted - not natural regeneration New class of forest – would not earn credits

  11. Review second tranche of pre-1990 compensation • Full removal of allocation • Reduced allocation • Remove compensation for those who opt to offset

  12. Under 50 Hectare allocation or exemption ? • Ability to revisit a earlier decision to seek an allocation – if second tranche reduced or removed.

  13. Consultation • What do you think of the overall package of proposed changes?

  14. Consultation • Should the second tranche of compensation to pre-1990 forest landowners be adjusted in light of offsetting?

  15. Consultation • If compensation is adjusted for the second tranche, which option for the second tranche do you prefer? Why? • full removal • reduced compensation • removal for those who opt to offset

  16. Consultation • If you prefer 3b, what is the most desirable way to do this? Why?

  17. Consultation 5pm, 11 May 2012 See www.climatechange.govt.nz/ets Submissions to: etsconsultation@climatechange.govt.nz

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