Last carbon auction of year fails to clear

Finance minister Nicola Willis has less money to work with. (Image: NZME)

Wed, 06 Dec 2023

The fourth carbon auction of the year has failed to clear.This means the government has forgone what could have been $900 million in revenue. However, all the New Zealand Units (NZUs, a proxy for one tonne of carbon) that were on offer this year are now written off.This will tighten supply and set the stage for an increased carbon price next year.Those running the auction said: “The December 2023 auction has been declined because the clearing price did not meet the minimum price settings. As a result, there are no winning bids.”Befo...

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