LCANZI welcomes new ETS settings following successful judicial review

Last night the Minister of Climate Change James Shaw announced updated unit limits and price control settings for the Emissions Trading Scheme (ETS).

Following the successful judicial review brought by Lawyers for Climate Action NZ Inc, the settings have been brought in line with the advice provided by the Climate Change Commission.

President of LCANZI, Bronwyn Carruthers KC welcomed the decision. “It is vital that the ETS settings are made in accordance with our emissions budgets and not out of political concerns about the ETS price going too high.”

“The ETS is an important tool for pricing emissions and meeting our emissions reduction targets, but to do so it has to be operated in line with those targets.”

“The amendments mean that the supply of units will now be in accordance with our emissions budgets, and the changes will help reduce the large stockpile of existing units.”

“We would particularly like to applaud the Government’s willingness to front up to the mistakes that were made last December, and to correct them in a timely way.”

Media comment:
Dr James Every-Palmer KC (+64 275 801 616)
Bronwyn Carruthers KC (+64 21 685 809)