The New Zealand government announced that the country is on track to meet its greenhouse gas emission commitments under the Kyoto Protocol, with a surplus of 23.1 million metric tons for the period 2008 to 2012.
This was indicated in the Ministry for the Environment’s latest Net Position report, which forecasts how much the country’s emissions will be above or below its Kyoto Protocol target of reducing greenhouse gas emissions to 1990 levels.
«Our net emissions are estimated to be 23.1 million metric tons less than our Kyoto target and at the current carbon price of 8.20 New Zealand dollars/metric ton this surplus has an estimated value of 189 million dollars ($157 million),» said Tim Groser, minister for climate change issues.
The Greenhouse Gas Inventory 1990-2010 likewise released indicated that New Zealand’s gross emissions in 2010 increased by only 0.2 percent from 2009, to 71.7 million metric tons.
«I am particularly pleased to see emission reductions in the electricity sector are being driven by increased renewable generation and more gas being used rather than coal. This supports the government view that the moderated [emission trading scheme] is providing a clear price signal to the market,» Mr. Groser said.
Under the Kyoto Protocol, nearly 40 industrialized nations agreed to cut or limit the growth of their greenhouse gas emissions for the pact’s first phase, from 2008 to 12.
According to a report from Reuters, the country’s government has yet to decide whether agriculture, which accounts for nearly half of New Zealand’s emissions, should be included in the carbon trading scheme. – EcoSeed Staff
