The New Zealand Government held on Wednesday its second carbon allowance auction for the year, auctioning 4.825 million tonnes of carbon credits on the NZX-EEX platform. Due to the strong demand, the prices went up to 76 New Zealand dollars per tonne, up from NZ$70 at the previous auction in March.
Bids outnumbered available units, excluding those in the cost containment reserve, by a factor of two. The 4.825 million units on offer, as well as the 1.3 million units in reserve, were all taken.
The quarterly auctions of the Emissions Trading Scheme (ETS) are the Government’s primary mechanism for meeting local and international climate change targets. Each unit enables the polluter to emit one tonne of carbon dioxide.
