Emissions trading in New Zealand: development, challenges and design

Successive New Zealand governments have failed to adopt effective climate change policies. A positive, albeit limited, step was taken with the New Zealand Emissions Trading Scheme in 2008, a scheme founded on a framework of comprehensive coverage, applying to all sectors of the economy and all Kyoto gases, addressing the challenge of creating an emissions trading scheme tailored for a country characterised by large forest sinks and substantial agricultural emissions. Amendments in 2009 created significant changes in the way the scheme operates.