Back to main menuMajor milestones of the New Zealand Emissions Trading Scheme
Published: 2016
Author: Catherine Leining
When it was introduced in 2008, the NZ ETS was the first emissions trading system in the world designed to cover all sectors of the economy (with phased entry) and the six major greenhouse gases. Across two major stages of amendments in 2009 and 2012 and other adjustments, features have been adjusted to reduce the price – and emissions – impact of the system. However, the system has successfully established a functional domestic market and offers a foundation for more ambitious domestic mitigation effort. The New Zealand government is reviewing the system in 2016.
Below is a table of key milestones in the process. If you'd like to learn more, check out our whizz-bang timeline of the NZ ETS.
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Year |
Month |
NZ ETS policy |
NZ ETS implementation |
International |
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2005 |
Dec |
Government decided not to proceed with a carbon tax |
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2007
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Apr |
Government established an Emissions Trading Group to design an ETS |
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| Sep |
Government established the Climate Change Leadership Forum and Maori Reference Group |
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| Dec | Government established Technical Advisory Groups | |||
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2008 |
Jan |
Forestry sector retrospectively assumed unit obligations under the NZ ETS |
First commitment period of Kyoto Protocol began |
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Sep |
Parliament passed founding legislation for NZ ETS |
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Nov |
NZ general election resulted in a National-led government and first NZ ETS review |
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2009 |
Jan |
Transport sector began voluntary NZ ETS reporting |
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Jun |
Parliament passed the Climate Change Response (Emissions Trading Forestry Sector) Amendment Bill |
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Aug |
Government announced a conditional 2020 GHG target of 10-20% below 1990 level |
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Nov |
Parliament passed the Climate Change Response (Moderated Emissions Trading) Amendment Bill |
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Dec |
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UNFCCC conference in Copenhagen |
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2010 |
Jan |
|
Stationary energy, industrial process and transport sectors began mandatory NZ ETS reporting |
|
|
Jul |
|
Stationary energy, industrial process and transport sectors assumed NZ ETS unit obligations |
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Dec |
Government appointed panel for second ETS review |
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2011 |
Jan |
Waste, synthetic gas and agriculture sectors began voluntary NZ ETS reporting |
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Mar |
Government set a 2050 GHG target of 50% below 1990 level |
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Dec |
|
Ban on surrendering industrial-gas CERs took effect |
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2012 |
Jan |
|
Waste, synthetic gas and agriculture sectors began mandatory NZ ETS reporting |
|
|
Nov |
Parliament passed the Climate Change Response (Emissions Trading and Other Matters) Amendment Bill |
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|
|
Nov |
NZ took its 2020 GHG commitment under the UNFCCC, not Kyoto Protocol |
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Dec |
|
Ban on surrendering industrial-gas ERUs and large-scale-hydro ERUs/CERs took effect |
Kyoto Protocol's first commitment period ended; the second period began the next day |
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2013 |
Jan |
Waste and synthetic gas sectors assumed unit obligations under the NZ ETS |
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|
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Aug |
Government announced an unconditional 2020 GHG target of 5% below 1990 level |
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Dec |
Government announced future delinking of the NZ ETS from the Kyoto market |
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2014 |
May |
Government legislated against arbitrage by post-1989 forest owners |
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2015 |
Jun |
NZ ETS delinked from the Kyoto market |
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Jul |
Government announced a 2030 GHG target of 30% below 2005 level (11% below 1990 level) |
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Nov |
Government launched consultation on third NZ ETS review |
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UNFCCC conference in Paris |
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Dec |
Government announced NZ Kyoto compliance for 2008-2012 with a unit surplus and projected a surplus for the period 2013-2020 |
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This topic in other formats
Video
A Timeline of the NZ Emissions Trading Scheme (2016)Note
Time-travelling on the New Zealand Emissions Trading Scheme (2016)Funders
Aotearoa Foundation
