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NRT: Climate change: More windfall profits

Written By: - Date published: 10:10 am, December 9th, 2013 - 19 comments
Categories: climate change, ETS - Tags: ,

The Emissions Trading Scheme was never a particularly good way of curbing greenhouse emissions and the way that National gutted it made it distinctly worse. Now we are in a position where National has found a way to use it to providing even more polluter welfare. No Right turn explains.

Earlier this year, in retaliation for our refusal to participate in a post-Kyoto climate change deal, we were locked out of international carbon markets. And now the government has finally been forced to recognise this, banning the use of foreign credit from the ETS from 2015

Mr Bridges also announced a complementary decision around the use of existing Kyoto units in the ETS after May 2015.

The decision allows participants to continue to use Kyoto Protocol first commitment period Certified Emission Reduction units (CERs), Emission Reduction Units (ERUs), and Removal Units (RMUs) to account for surrender obligations up until 31 May 2015, after which these units will no longer be eligible for surrender. From then they will need to surrender New Zealand Units (NZUs) to meet their obligations.

Participants holding New Zealand Assigned Amount Units (NZ AAUs) will be able to use them to account for surrender obligations and will automatically have them carried over for surrender beyond 31 May 2015.

So, the ETS will be domestic-only, as it should have been. But spot the scam: those holding current NZ AAU get to keep it and use it in the future. So, you can collect your government pollution subsidy, pay for your emissions with cheap foreign hot air at 20 cents a ton, then collect windfall profits post-2015 when that AAU increases in value. And National’s polluter-cronies will be laughing all the way to the bank…

And then they wonder why people think the ETS is just a scam.

If we want to fix this, we need to end carryover and cancel old credits. We also need to bring the scheme back into balance, by eliminating pollution subsidies. Carbon markets only work when there is a shortage of permits. At present, we don’t have a market; we have a bad joke.

19 comments on “NRT: Climate change: More windfall profits ”

  1. Philj 1

    Xox
    ” If we want to fix this… ”
    The reality is our leaders have no intention to ‘fix’ anything much, except enhance corporate bottom lines. Please site examples to prove me wrong.

  2. One Anonymous Knucklehead 2

    Problem: market failure (again).

    Solution: carbon tax.

    Make it a zero sum game for the govt by reducing GST.

  3. Draco T Bastard 3

    If we want to fix this, we need to end carryover and cancel old credits. We also need to bring the scheme back into balance, by eliminating pollution subsidies.

    About the only way to fix it now would be to cancel all existing carbon permits, get rid of the ETS and put in place proper GHG emissions taxes.

    • Stamper 3.1

      Well the Carbon Tax has worked a treat in Aussie hasn’t it.

      PS: Don’t get too warmed up about all this warmist doom and gloom – reality is:
      there has been no increase in temperature for about 16+ years now.
      So, the tough question for the warmists is:
      Why no rise in temperatures while millions more tonnes of CO2
      have been sent into the atmosphere by mankind for the last 16+ years?

      Maybe, CO2 is not the driver of temperatures as many scientists contend.

      • Colonial Viper 3.1.1

        Well the Carbon Tax has worked a treat in Aussie hasn’t it.

        The electorate punished Labor for not sticking with it’s flagship election policy. Labor should have stuck to it’s guns instead of cowering.

        PS: Don’t get too warmed up about all this warmist doom and gloom – reality is:
        there has been no increase in temperature for about 16+ years now.
        So, the tough question for the warmists is:
        Why no rise in temperatures while millions more tonnes of CO2
        have been sent into the atmosphere by mankind for the last 16+ years?

        Do you realise that you are part of a system of corporatised global death?

      • One Anonymous Knucklehead 3.1.2

        Yawn. Another idiot jerking off.

        We need better wingnuts. These ones are clueless, repetitive, and know jack shit about Earth’s climate.

        Hey Stamper, wank off over this, then reflect on the fact that all your cherry-picked little talking points originate with the Climatologists you also claim are lying. What kind of a fucking moran cites information from alleged liars?

      • Draco T Bastard 3.1.3

        there has been no increase in temperature for about 16+ years now.

        Well, surface temperature hasn’t climbed much but that because the heats going into the oceans. Also, most of the hottest 10 years on record have happened in the ten years between 2002 and 2012.

        Maybe, CO2 is not the driver of temperatures as many scientists contend.

        And maybe you’re just delusional.

  4. captain hook 4

    The National party dont give ashit about emissions and pollution.
    They are entirtely focussed on short term gains and windfall profits and leaving New Zealanad when they have enough cash. They are sojourners rather than people who want to see New Zealand with a long term future.

    • Draco T Bastard 4.1

      +1

      Exactly.

    • Tracey 4.2

      THEY think when the shtf they can buy their way out of a rooted environment… like in STARK by Ben Elton.

      • Macro 4.2.1

        Can’t we? (sarc)

        Their world view is that the environment is a subset of the economy….

        This obviously is a false perception … but there you have it, and there is not much we can do about it, except repeatedly try to point out to them their poor world view.

        • Arfamo 4.2.1.1

          Their world view is that the environment is a subset of the economy.

          That is an eminently quotable quote 🙂 . May I use it henceforth, whenever appropriate?

  5. BevanJS 5

    Isn’t the answer people consuming considerably less or working damn hard towards it? Dunno what the term is for a collective of governments but it’s not a group I’d rely on to achieve anything energisingly positive.

  6. Stamper 6

    @ Colonial Viper
    “Do you realise that you are part of a system of corporatised global death?”

    Thank you, that is the best laugh I have had all day.

    As usual, you shoot the messenger but fail to address:

    the tough question for the warmists is:
    Why no rise in temperatures while millions more tonnes of CO2
    have been sent into the atmosphere by mankind for the last 16+ years?

    And your answer is? Ah thought so – no answer.
    Maybe some more attack the messenger? I hope so – I need another laugh.

  7. BIGDOG 7

    Yes it’s always had me puzzled why 90 odd percent of scientists appear to be scare-mongering over the possibility of everyone being exterminated.Dont they have rugby,or something really serious to fret over?Usually the best way is to ask the fervent denier for his or her’s stance on the moon landing,Roswell,and of course that old favorite The protocols of the elders of zion and all will be revealed.Anyway Stamper thanks for putting my mind at rest and I will pass on your insight to anyone I encounter,who shows any sign of being concerned.

  8. BIGDOG 8

    Yes it’s always had me puzzled why 90 odd percent of scientists appear to be scare-mongering over the possibility of everyone being exterminated.Dont they have rugby,or something really serious to fret over?Usually the best way is to ask the fervent denier for his or her’s stance on the moon landing,Roswell,and of course that old favorite The protocols of the elders of zion and all will be revealed.Anyway Stamper thanks for putting my mind at rest and I will pass on your insight to anyone I encounter,who shows any sign of being concerned.

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