NZ company plays global role in carbon credit market

Prime Minister Helen Clark today congratulated New Zealand company TZ1 on its appointment as a major player in the global market for carbon credits.

TZ1 has announced its appointment as a global registry for the Voluntary Carbon Standard. It is one of only four registries worldwide for Voluntary Carbon Standards, and services will include electronic transfer of ownership, traceability of credits from their origin, and retirement of credits when required.

"Voluntary Carbon Markets are springing up all over the world and support the efforts of ordinary citizens to take personal steps to reduce their emissions. They help meet consumer demand for action on climate change," Helen Clark said.

"To work effectively there needs to be the means to measure emissions reductions that have been achieved, to report the reductions, and to have them independently and reliably verified (certified) as having actually taken place. The Landcare CarboNZero scheme is an example of a scheme that can lead to certified reductions. The certified reduction is then a saleable item.

"Voluntary emission reduction initiatives can be valuable testing grounds for new emissions reduction measures. They encourage innovation, and they are complementary to a regulated market, like that provided for in the Emissions Trading Scheme currently before Parliament.

"TZ1’s appointment as a global registry for the Voluntary Carbon Standard will underpin local voluntary emission reduction efforts. It reinforces New Zealand’s reputation as a nation which is serious about combating climate change," Helen Clark said.