Third carbon auction this year fails to clear

Climate change minister James Shaw may have mixed feelings over the third carbon auction this year failing. (Image: NZME)

Ian Llewellyn

Wed, 06 Sep 2023

The third carbon auction of the year has failed, setting up the likelihood that all auctions this year will not clear.This will cause a loss of revenue to the government but also means that all New Zealand Units (NZUs, a proxy for a tonne of carbon) on offer this year will be cancelled, reducing the supply.In a brief note, those running the auction said it had “been declined because the clearing price did not meet the minimum price settings". "As a result, there are no winning bids.”Below the confidential reserve pric...

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