New Zealand Emissions Trading Scheme

The New Zealand Emissions Trading Scheme (NZ ETS) is a largely proposed all-sectors all-gases emissions trading scheme established in September 2008 by the Fifth Labour Government of New Zealand. Most of the provisions of the NZ ETS have not yet taken effect as the NZ ETS includes delayed entry dates. The election of the National Government in November 2008 has further delayed the effect of the NZ ETS.

Only the forestry sector has entered the NZ ETS. Carbon credits have been earned by forestry for carbon sequestration and have been sold internationally. In September 2009, South Island forestry company Ernslaw One sold about 500,000 carbon credits (valued at more than $NZ10 million) to the Norwegian Government.

From http://en.wikipedia.org/