ED released: Forestry Regulations in the New Zealand Emissions Trading Scheme (ETS)

Posted: 18 Jul 2022

The “exposure draft” for Forestry Regulations in the New Zealand Emissions Trading Scheme (ETS) provides the detail on how amendments to the Climate Change (Forestry Sector) Regulations 2008 will work. These changes come into force on 1 January 2023.

The draft regulations include:

- a new carbon accounting approach, called ‘averaging accounting’

- a new activity in the ETS for permanent forests

- a new exemption from carbon liabilities for forests partly or fully cleared because of a temporary adverse event

- technical improvements to make the ETS easier to participate in.

To ensure the new forestry provisions in the ETS are fully operational by 1 January 2023, the Forestry Regulations will need to be made by 1 October 2022.

Check out the MPI website for more information.