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| EDS welcomes NZX's "Green Wall Street" proposal | | May 1 2007 | |
01/05/2007
Environmental Defence Society welcomed today's news that NZX will seek to position New Zealand as a "Green Wall Street" by creating a carbon exchange.
"EDS is very encouraged by the way the mainstream businesses behind this proposal are responding to the global climate challenge" said Chair Gary Taylor.
Carbon trading is a key part of achieving emission reductions at the least overall cost. Setting up an exchange will help familiarise New Zealand businesses with carbon trading and the need to factor the cost of carbon into decisions.
However Mr Taylor stressed that this move is a complement to government policy, not a substitute for it.
"The Government can now move quickly to implement a comprehensive tradeable permit regime as part of New Zealand's Kyoto response, as EDS advocated in its recent submission on climate change policies. If policy proposals from EDS and others are adopted, Kyoto compliant credits could be trading by next year"
The exchange plans to link with other Asia-Pacific countries. Mr Taylor welcomed this: "International links mean a bigger and more stable market and make it more likely least cost solutions will be found."
Mr Taylor said that he thought there would also be opportunities to link into the European Emission Trading System (ETS) and noted that Australian State Governments are working on an emission-trading scheme.
"Carbon trading is a growing global enterprise and EDS supports this initiative to recognise the opportunities that exist for New Zealand."
The exchange plans to trade legally binding Kyoto-compliant credits, and also non-Kyoto credits that meet the standards for the proposed TZ1 Platinum branding. Similar voluntary credits are traded in the US at present. They are separate from Kyoto credits and cannot currently be used to meet Kyoto commitments.
Mr Taylor welcomed the commitment that any non-Kyoto credits traded would be high quality and verifiable. "Integrity is valuable. The credibility of this business will hinge on the extent to which any non-Kyoto credits are more than hot air."
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