Climate Change Response (Emissions Trading) Amendment Act 2008

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The Climate Change Response (Emissions Trading) Amendment Act 2008 was a statute enacted in September 2008 by the Fifth Labour Government of New Zealand that established the first version of the New Zealand Emissions Trading Scheme, a national all-sectors all-greenhouse gases uncapped and highly internationally linked emissions trading scheme. After the New Zealand general election, 2008, the incoming National-led government announced that a Parliamentary committee would review the New Zealand emissions trading scheme and recommend changes.^[1] Significant amendments were enacted in November 2009.^[2] Obligations for pastoral agriculture were further delayed. Obligations for energy and industry were halved via a "two for one" deal. Free allocation of units to industry was made uncapped and output based and with a slower phase-out. A price cap of $25 NZD per tonne was introduced.