The ETS currently provides a higher return to those who opt to invest in forestry as a way of offsetting their emissions, creating a surge in planting.
New Zealand is reviewing its Emissions Trading Scheme to assess whether changes are needed to encourage businesses to accelerate a transition away from fossil fuels and not rely solely on carbon credits from forestry.
New Zealand’s ETS has been criticised because current settings encourage companies to seek carbon offsets such as tree planting in order to reduce net emissions. The government last year said it wanted to prioritise gross reductions to achieve meaningful decarbonisation by 2035 and beyond. The paper says the ETS currently provides a higher return to those who opt to invest in forestry as a way of offsetting their emissions, and as a result there has been a surge in planting. The ETS is forecast to drive as much as 670,000 hectares of new forestry by 2035, it said.
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