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EDS welcomes NZX's "Green Wall Street" proposal
MEDIA STATEMENT
EDS welcomes NZX's "Green Wall Street"
proposal
1 May 2007
Environmental Defence Society
welcomed today's news that NZX will seek to
position New
Zealand as a "Green Wall Street" by creating a carbon
exchange.
"EDS is very encouraged by the way the
mainstream businesses behind this
proposal are responding
to the global climate challenge" said Chair Gary
Taylor.
Carbon trading is a key part of achieving
emission reductions at the least overall cost.
Setting up
an exchange will help familiarise New Zealand businesses
with
carbon trading and the need to factor the cost of
carbon into decisions.
However Mr Taylor stressed that
this move is a complement to government policy,
not a
substitute for it.
"The Government can now move
quickly to implement a comprehensive tradeable
permit
regime as part of New Zealand's Kyoto response, as EDS
advocated in its
recent submission on climate change
policies. If policy proposals from EDS and
others are
adopted, Kyoto compliant credits could be trading by next
year"
The exchange plans to link with other
Asia-Pacific countries. Mr Taylor welcomed
this:
"International links mean a bigger and more stable market
and make it more
likely least cost solutions will be
found."
Mr Taylor said that he thought there would
also be opportunities to link into the European Emission
Trading System (ETS) and noted that Australian
State
Governments are working on an emission-trading
scheme.
"Carbon trading is a growing global enterprise
and EDS supports this initiative to recognise the
opportunities that exist for New Zealand."
The
exchange plans to trade legally binding Kyoto-compliant
credits, and also non-Kyoto credits that meet the standards
for the proposed TZ1 Platinum branding.
Similar voluntary credits are traded in the US at present. They are separate from Kyoto credits and cannot currently be used to meet Kyoto commitments.
Mr Taylor welcomed the commitment
that any non-Kyoto credits traded would be
high quality
and verifiable. "Integrity is valuable.
The credibility of this business will hinge on the extent to which any non-Kyoto credits are more than hot air."
ENDS
Environmental Defence Society
EDS speaks for the environment. It has influence.
Since 1971, EDS has been driving environmental protection in Aotearoa New Zealand
through law and policy change. That's why it's one of this country's most influential non-
profit organisations when it comes to achieving better environmental outcomes.
EDS has expertise in key disciplines including law, planning, landscape and science. It
operates as a policy think-tank, a litigation advocate, and a collaborator – bringing together
the private and public sectors for constructive engagement.
EDS runs conferences and seminars on topical issues, including an annual Environmental
Summit and the Climate Change and Business Conference.
EDS is a registered charity and donations to it are tax-deductible.
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