First carbon auction of the year could be a no-show

Cabinet ignored climate change minister James Shaw's view on carbon prices and the market has tanked. (Image: NZME)

Mon, 13 Mar 2023

The first carbon auction of the year takes place on Wednesday amid a stagnating secondary market with speculation that it might fail to clear for the first time and no New Zealand Units will be sold.NZUs were trading at $88.50 last November on the secondary market. They are now trading at below $67.The collapse in price followed cabinet declining a critical part of the Climate Change Commission (CCC) advice that would have tightened up the supply of units to the emissions trading scheme.Cabinet papers show that ministers were more concerned abo...

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