Carbon prices plunge after auction

Future forestry policy is one of the uncertainties hanging over carbon prices. (Image: NZME)

Thu, 21 Mar 2024

Carbon prices plunged after the first auction of New Zealand Units partially cleared on Wednesday.Four consecutive auctions failed in 2023, but the first of 2024 resulted in 2,974,300 NZ Units being sold of the 3,525,000 on offer.An NZ Unit (NZU) is a proxy under the emissions trading scheme (ETS) for one tonne of carbon, which emitters must surrender to settle their emissions.The units sold at $64, raising just over $190 million for the government’s coffers.The clearing price was at the same as the floor price, so under the auction rules...

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