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| NZ Registry Expands to UK, US | | Sep 25 2008 | |
TZ1, the New Zealand registry for voluntary carbon credits today opened offices in London and New York in a bid to win a bigger share of the voluntary market.
TZ1 in July became one of four players worldwide to win the right to act as a registry for voluntary credits under guidelines developed by the Voluntary Carbon Standard (VCS) Association, an international effort to ensure that voluntary credits are credible.
"The registry recognises the significance of the USA, UK and European markets," Jane Lloyd, business development manager at the New York office said today.
A survey by UK-listed project developer Ecosecurities published earlier this week showed that the US is the key market driver in the voluntary carbon market.
Meanwhile, in the Australia-New Zealand region, interest in voluntary credits has been muted recently, as Australian government proposals show voluntary credits, even though developed following government guidelines, is unlikely to become eligible for use in the country's emerging mandatory carbon scheme.
Six project developers have so far registered in the TZ1 registry, although only one has listed projects. GreenAir has published two vintages of voluntary credits from a forestry projects via the TZ1 registry. This project has not been verified using VCS standards, however, but has been verified by validation firm Tonkin and Taylor as having followed the guidelines of the New Zealand government's permanent forest sink initiative (PFSI).
TZ1 also plans to operate as an exchange, and plans to launch trading in New Zealand Units (NZUs) and possibly UN-regulated carbon credits in the first half of next year.
The other registries approved under the VCS are administered by the Bank of New York, Caisse des Depots of France and APX, a US-based infrastructure provider.
The VCS expects to issue between 10 and 20 million credits verified under its standard before the end of 2008. |
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