Carbon: NZU Update

Wednesday 5 Dec 2018

Good volume traded last week but this week has seen lower volume. The dip below $25 saw buyers return to the market with greater interest, but on the basis of lower volume offered we have quickly seen prices head north again. So, end of the month today and just like that NZUs are back at $25. Best bid $25, best offer $25.10.

New Grant Scheme Announced – Today saw the announcement by Minister Shane Jones of a new forestry grant scheme to the tune of $118 million. The grant scheme will support the Billion Trees program but its aims are broader than just carbon sequestration, with the Minister saying that applicants for the grants could be looking to plant for reduced erosion, improved water quality, the development of M?ori-owned land or to diversify productive land uses. More detail to follow.

Concern About Climate Change Still Lower Than It Should Be – Climate change has been in the news a lot in NZ this week as COP 24 approaches. But research from UMR focus groups suggest that for many kiwis concern about the issue is still “wafer thin”, reported Rob Stock yesterday for Stuff. CEO of UMR, David Talbot, said that the situation was changing, however, with 2018 the first election year in which the environment and climate change was in the top five of people's political concerns, though that may have been partly driven by concerns over the state of the country's rivers.

And Even Lower For Certain World Leaders – Even wafer thin concern would be too much for Donald Trump, who earlier this week cast aspersions on a the findings of the 4th National Climate Assessment, a US government report which highlighted the economic and physical cost that would be imposed on the American economy by unmitigated climate change. I don’t believe it, said Trump, telling the Washington Post that “One of the problems that a lot of people like myself - we have very high levels of intelligence, but we’re not necessarily such believers”.

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