Climate Change Commission urges government action to cut carbon credit surplus

The Climate Change Commission has issued a stern call to the New Zealand government, urging swift action to reduce the surplus of carbon credits available for purchase by polluters. This urgent appeal comes after four unsuccessful auctions in 2023, signaling a worsening problem that cannot be left unaddressed.

According to the Commission, the oversupply of carbon credits poses a significant risk to New Zealand’s ability to meet its emissions reduction targets, as mandated by law. Last year, all four government-run carbon auctions failed due to low demand for new units, highlighting the severity of the issue.