Climate change services
The world is experiencing a rise in temperature, increasing sea levels, more frequent extreme weather events and a change in rainfall patterns. These climatic changes will potentially impact native ecosystems, industries, infrastructure, health, biosecurity and our economy.
The Kyoto Protocol - the international agreement to address global warming and to delay the impact of climate change - came into force on 16 February 2005.
On 20 September 2007, the Government released its much anticipated framework for an Emissions Trading Scheme (ETS) and measures to encourage forestry and more sustainable land use. Emission Critical provides an overview of the Government’s announcements and proposed solutions, describes the ETS, how it will function, who will be captured under the proposals, and the implications for businesses.
Background
New Zealand ratified the Kyoto Protocol in 2002 committing New Zealand to a legally binding greenhouse gas target between 2008 and 2012 (the First Commitment Period). New Zealand’s target is to maintain its average annual emissions over this period at 1990 levels. However, emissions data released by the Government yesterday shows New Zealand’s expected deficit position for the First Commitment Period is projected to rise from 41.2Mt to 45.5Mt. The ETS and the forestry and land use proposals announced by the Government are designed to assist the country to reduce its deficit during the First Commitment Period to 25Mt and to establish a downward trend into the future. The Government will continue to accept some Kyoto liability during the First Commitment Period.
How PwC can help
The assistance we can provide encompasses a range of services – from greenhouse gas data management, reporting and verification, financial modelling, valuations, benchmarking, to due diligence, accounting for carbon credits, carbon measurement, and tax advice.
Our Climate Change Services Team will be happy to talk to you about the issues facing your business.
Publications
Emission Critical
Issue 7: December 2008
The state of New Zealand climate change policy
Following the election on 8 November 2008, the shape of New Zealand’s climate change policies is once again uncertain. As part of a coalition agreement to provide confidence and supply to the minority National Government, John Key’s Government agreed on 16 November to suspend the entering into force of the Emissions Trading Scheme (ETS) which received Royal assent and was passed into law on 24 September.
The scheme’s fate will depend on the outcome of a review by a Special Select Committee of the New Zealand Parliament. The terms of reference of this special select committee have not yet been finalised but the coalition agreement provides that a draft terms of reference supplied by ACT (and appended to the agreement) will form “an initial basis for discussion” between the coalition partners.
| Going green: Sustainable growth strategies
This PricewaterhouseCoopers report is based on both a global on-line survey of technology industry executives conducted by the Economist Intelligence Unit and in-depth personal interviews with industry leaders and PwC subject matter professionals.
There are two main drivers of sustainability movement in the technology industry, both economic rather than altruistic: the potential to increase revenue through the increasing demand for greener products and services and the desire to decrease expenditures by reducing energy consumption. The report also indicates that increasing sustainability will require collaboration all along the supply chain and that unique opportunities exist for both hardware and software companies. |
Getting the data right
The survey "Getting the data right: A survey of information technology solutions to meet EU Emissions Trading Scheme requirements", outlines that simple compliance is no longer good enough and over time more and more advanced solutions are required for emissions monitoring and reporting. |
Emission Critical
PricewaterhouseCoopers regular update on Climate Changes issues and how
they impact New Zealand businesses. |
Building
Trust in Emissions Reporting
This report highlights the key elements of a successful carbon trading regime,
presents a new vision for compliance in emissions trading, and calls for
global action to develop this important area. |
Carbon
Value
Robust carbon management – a framework to protect and enhance shareholder
value in response to climate change |
Trouble-entry
accounting - revisited
Accounting for the EU Emissions Trading Scheme and Certified Emission Reductions
- market survey and accounting guidance. |
Carbon
Market Services in Asia Pacific
Asia Pacific is currently the world's largest contributor of CDM projects,
with the World Bank estimating that it will comprise 73% of the $2.5 Billion
trade in CDM credits in 2006. |
PricewaterhouseCoopers
Carbon Healthcheck
How prepared are you to deal with the impact of today's
climate change obligations on your business? |
In the news
The PwC Climate Change team was involved in assisting Lowndes Associates become NZ's first carbon neutral law firm. To see the story on TV3's Sunriseclick here
Business Oct 25: Carbon credits (05:02) - Television New Zealand
The government's proposed carbon emissions trading scheme is due to come into effect early next year. Businesses will need to be ready to face new tax issues and potential compliance costs. Pricewaterhouse Cooper's Julia Hoare discusses the issue
- Otago Daily Times, 18 July 2007
Climate Change Certainty Critical, Management Magazine, March 2007
Carbon tax is just the tip of the iceberg
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