ETS auction partially clears and raises $190m

Finance minister Nicola Willis will be pleased the ETS has raised some money. (Image: NZME)

Wed, 20 Mar 2024

The first carbon auction of the year has partially cleared, raising more than $190 million for the government’s coffers.Of the 3,525,000 New Zealand Units on offer, 2,974,300 were sold at $64, raising $190,355,200. A NZ Unit (NZU) is a proxy for one tonne of carbon, which emitters have to surrender to settle their emissions.The clearing price was at the same level as the floor price, so under the auction rules, a partial clearance was allowed.All four auctions last year failed to clear with the secondary market also lacking dire...

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