Record low interest ensures carbon auction failure

Pollution emitters' stockpile of carbon units should be reduced. (Image: Getty)

Wed, 06 Dec 2023

Record low interest from bidders ensured that the year's fourth and last carbon auction failed to clear on Wednesday morning.This will mean the government will have less money to play with as it stitches together its fiscal plan but could put upward pressure on carbon prices in 2024.There were 15 million New Zealand Units (NZUs, a proxy for one tonne of carbon) on offer at the auction with a floor price of $60 a unit. Another 8m NZUs were available in the cost containment reserve (CCR), with trigger prices starting from $173.Lack of interes...

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