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Source: Reuters
New Zealand on Wednesday passed a climate change bill that will set up the country's first greenhouse gas emissions trading scheme and help it meet obligations under the Kyoto Protocol, the government said.
Trading of carbon credits begins in 2009 and Wednesday's parliamentary approval means the system is the first national cap-and-trade scheme outside Europe.
Neighboring Australia has set a 2010 deadline for its scheme to begin operation.
The bill faced a rocky path to approval by lawmakers, with the minority-led government forced into months of negotiation with the Greens and New Zealand First parties to win majority support.
The bill passed into law after a 63-57 vote in parliament.
The Climate Change (Emissions Trading and Renewable Preference) Bill will eventually bring all sectors of the economy under a regime that sets limits on the amount of carbon they can emit.
Those that breach their limit will have to buy credits, called NZUs and representing the equivalent of one metric ton of carbon dioxide (CO2), from users that produced emissions below their ceiling. Participants can also import credits representing reductions made abroad, in a global trade worth over $13 billion last year, according to the World Bank.
Market estimates of the price per ton of carbon have ranged from NZ$15 to NZ$25 ($10 to $16.75), though some analysts suggest it could be up to NZ$50 after recent amendments to the bill.
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