James Shaw seeks to calm carbon market panic

Climate change minister James Shaw is trying to stem the panic in carbon markets over emissions trading scheme reform saying New Zealand governments are "extremely cautious" about retrospective law changes.However, their main target for the message – forestry owners – are not convinced, saying their investments have lost $5 billion in value since last year and there is no prospect of this being recovered soon due to policy uncertainty.Carbon prices fell from a high of $88.50 last year after a series of government decisions...