The New Zealand Emissions Trading Scheme (NZ ETS) auction today has resulted in a partial clearance.
Climate Change Minister, Simon Watts says the result shows that work to restore credibility in the market is working.
“Today’s auction result shows the market is moving in the right direction to restore credibility in the NZ ETS,” Mr Watts says.
“In August, the Government announced our decision to reduce the number of units available at auction between 2025 and 2029 (from 45 million to 21 million). While these changes won’t take effect until next year, these changes clearly signal the government’s ongoing commitment to the ETS as the main tool for lowering emissions and to getting ETS setting right to deliver those outcomes.
“It’s crucial that we continue to sustain this trajectory in restoring credibility in the ETS. A credible, ETS-led approach remains our most effective tool to incentivise individuals and businesses to reduce their emissions and achieve our climate targets.”
At today’s auction, 4 million units sold. The next auction will be held on the 19 March 2025.
