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New Zealand Carbon Credits Decline on CER Pressure, Broker Says
2011-01-14 03:44:51.393 GMT
By Stuart Biggs
Jan. 14 (Bloomberg) -- The spot price of emission credits
in New Zealand's carbon market is falling because of a decline
in United Nations Certified Emission Reduction credits,
Auckland-based broker OMFinancial Ltd. said.
Spot carbon credits traded at NZ$19.25 ($14.82) a metric
ton last week, the broker said in an e-mailed statement today.
That compares with 10.90 euros ($14.53) for December CERs,
Bloomberg data show. Companies in New Zealand that emit
greenhouse gases have the option to pay a tax of NZ$25 a ton of
emissions or buy the contracts.
"Prices for New Zealand Units have crumbled due to the
plunge in CER prices over the last few weeks - this will be the
new cap in our local market," OMFinancial's statement said.
"The cap of NZ$25 is irrelevant at present."
The global market for carbon may remain "subdued" in the
short and medium term after the UN issued a record number
credits issued for projects, the statement said.
For Related News and Information:
Bloomberg New Energy Finance Carbon Model: CARX <GO>
Emissions Market Monitor: EMMK <GO>
Most-read environmental news: MNI ENV <GO>
Most-read renewable-energy news: MNI ALTNRG <GO>
--Editors:
To contact the reporter on this story:
Stuart Biggs in Tokyo at +81-3-3201-3093 or
sbiggs3@bloomberg.net
To contact the editor responsible for this story:
Reed Landberg at +44-20-7330-7862 or
landberg@bloomberg.net.
