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NZ barred from Kyoto deals

Published: 1:33PM Friday February 22, 2013 Source: ONE News

The New Zealand Emissions Unit Register (NZEUR) confirmed today that New Zealand will be barred from future Kyoto Protocol deals.

New Zealand made the decision late last year to not sign the second round of the Protocol.

Prime Minister John Key defended the decision, saying the country is "a tiny, tiny, tiny fraction of rural emissions", and already has an emissions trading scheme.

New Zealand subsequently was voted out in December at the UN Climate Change conference in Doha, but Climate Change Issues Minister Tim Groser said New Zealand carbon emitters would continue to have access to Kyoto-based carbon credits until 2015.

But the NZEUR has confirmed New Zealand will be barred from trading in almost all Kyoto credits generated under the second commitment period, which is 2013 to 2019.

"As of 1 January, 2013, only countries that have taken an emission limitation and reduction commitment under the Kyoto Protocol's second commitment period (2013-19) may trade in CP2 Kyoto units," a statement on the registry website says.

The only exception will be Certified Emission Reduction credits (CERs), generated by Clean Development Mechanism projects that Kiwi companies are directly involved in.

International credits generated under the first commitment period could continue to be traded until 2015, but credits generated under the second commitment period can't come into the registry.

Last year, more than 13.5 million CERs were brought into the New Zealand Registry from overseas.

Canada and Japan were also excluded from future Kyoto deals.