New Zealand leads declaration on carbon markets at Paris climate conferenceClimate Change Issues
A New Zealand inspired Ministerial Declaration on carbon markets was launched by countries at the historic climate change conference in Paris today.
The declaration signals countries' support for carbon markets as a tool in the ambitious global response to climate change. Already 18 countries have aligned with the declaration.
"New Zealand wants to ensure development of a strong and robust global carbon market that has environmental integrity," says Mr Groser.
"The declaration signals the importance of markets in implementing the new agreement."
"Pledges tabled by more than 80 countries indicate they are open to engaging in the carbon market in some way. Countries, and investors, will have more confidence in the market if it is underpinned by robust standards. New Zealand is leading the way to bring interested countries together to work on these standards."
The Government recently started a review of the Emissions Trading Scheme (NZ ETS) to assess its operation and effectiveness to 2020 and beyond. This review will look at how the NZ ETS may have to evolve to support New Zealand in meeting our climate change targets.