6 December, 2007
Launch of register for Kyoto units
The New Zealand Emission Unit Register went live today as part of New Zealand’s commitment to the Kyoto Protocol, Climate Change Minister David Parker announced.
"The New Zealand Emission Unit Register (NZEUR) is a requirement of New Zealand’s obligations under the Kyoto Protocol, and is the mechanism for the issuing, holding, transferring and retiring of Kyoto-related emission units that are monitored by the United Nations Framework Convention on Climate Change," David Parker said.
"The purpose of the registry system is to check that each country that is party to the Kyoto Protocol has met its emission target at the end of a commitment period. At the end of the first commitment period from 2008 to 2012, New Zealand must ensure there are enough emission units to retire to meet New Zealand’s commitment to keep average annual greenhouse gas emissions at or below the 1990 level."
The NZEUR is now operational for persons and organisations to open an account. However, transactions of emission units between account holders or between Parties to Kyoto will take place within and between the national registries from 1 January 2008, and for many, not until 2009.
"The NZEUR will be primarily used by persons, companies or organisations allocated Kyoto units by the government as participants in the Ministry for the Environment’s Projects to Reduce Emissions and Negotiated Greenhouse Agreements programmes, and the Ministry of Agriculture and Forestry’s Permanent Forest Sink Initiative.
"Participants in these programmes will need to have opened an account in the NZEUR before Kyoto units are allocated to them by the government in 2009. Other persons, companies or organisations may want to also open accounts in the NZEUR for the purpose of buying and trading Kyoto units from overseas.
"The NZEUR can also be used by the general public to search the register for account holders and transactional information," said David Parker.
Information on the register is available on the NZEUR website at www.nzeur.govt.nz or by calling on free phone 0508 227 887. Overseas callers can call +64 3 962 2708.