Reflections and outlook for the New Zealand ETS: must uncertain times mean uncertain measures?

This article discusses the development and performance of New Zealand\u27s emissions trading scheme since the report of the Emissions Trading Scheme Review Panel in 2011. Introduction The New Zealand emissions trading scheme (ETS) was introduced by legislation in 2008. The legislated objectives as stated in section 3 of the Climate Change Response Act 2002 are to ‘support and encourage global efforts to reduce the emission of greenhouse gases by (i) assisting New Zealand to meet its international obligations under the [UNFCCC] Convention and the [Kyoto] Protocol; and (ii) reducing New Zealand’s net emissions of those gases to below business-as-usual levels’. Beyond this, the New Zealand government has confirmed three objectives for the ETS: help New Zealand to deliver its ‘fair share’ of international action to reduce emissions, including meeting any international obligations; deliver emission relations in the most cost-effective manner; support efforts to maximise the long-term resilience of the New Zealand economy at least cost. ........ This article discusses the development and performance of the scheme since the report of the Emissions Trading Scheme Review Panel in 2011. In particular, the article presents the results of a survey undertaken by the authors in April 2013 of stakeholders’ perception of the scheme and its performance. The survey was designed and administered by the authors using FluidSurveys software