NZ Kyoto bill in the Million$

New Zealand may face a Kyoto payment in the vicinity of $704 million by 2012 for spewing out 45.5milion tonnes more carbon that allowed under the Kyoto agreement. According to Bloomberg Japan, Italy and Spain face payments totalling $33 Billion

Increasing evidence of climate change shot the price of a certified emission-reduction credit up14% to a record $18.20 Euros a tonne of C02 - $35 NZ

“latest estimates showed that by 2012 the country would produce 45.5 million tonnes more carbon than allowed under Kyoto, which at June 30 would cost the country NZ$704 million ($518 million), based on multiplying the excess emissions by end-June carbon market prices.”