Climate Change Response (Emissions Trading) Amendment Act 2008

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. Significant amendments were enacted in November 2009. 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.