Citola Blog
Carbon, Climate Latest
We have three exciting but only loosely related snippets of information for you in this blog.
First, but somewhat parochially in comparison to item two, is news of developments in the New Zealand market in forestry and carbon emission offsets. A New Zealand forestry company has sold more than $10 million worth of carbon offsets to the Norwegian Government and is beginning to make some loud noises about the prospects for the New Zealand carbon market.
As we say, we’re excited by this at Citola, but also see this market as one to watch. Legislation for the nascent carbon market is passed but still being implemented, with many provisions dealing with the future transfer of land and the carbon rights attaching to them.
We welcome the development and the broadening of the carbon market worldwide, but our feeling is that this is more than just a question of waiting to see what the Statutory Instruments, which precisely define the Act’s meaning might say.
What’s needed here is a robust trade in carbon offsets and a mature market. We’ll be watching – closely.
Meanwhile, the debate surrounding the Australian Emissions Trading Scheme (ETS) rumbles on. Industry groups, such as The Mineral Council, are making some loud noises about the potential cost of the Carbon Pollution Reduction Scheme (CPRS), saying that the CPRS could cost at least A$120 billion by 2020. The A$120 billion is actually the revenue the government will acheive from carbon emitters as part of the CPRS placing a 'cost' on pollution and incentivising clean development. The opinions continue – we’ll report in more detail later.
And here’s another statistic to cap things off. The world’s largest 3,000 companies operate at an environmental cost which would require financial reparation of US$2.2 trillion at current rates, according to a report in the UK newspaper, The Guardian, which claims to have an inside track into a forthcoming United Nations survey.
The carbon space is a dynamic, fast-moving and vibrant one – and the pace of change is increasing. One of the very few constants is the need for the generation of carbon offsets...
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