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New Zealand: Greenhouse Gas Emissions Trading Scheme

(Oct. 27, 2008) The Climate Change (Emissions Trading) Amendment Act 2008 recently received royal assent. This legislation introduces a greenhouse gas emissions trading scheme under which participants (large emitters of greenhouse gases) must calculate their emissions via set formulas, retain sufficient records for verification, report the level of emissions, and provide, if requested, sufficient information to verify the calculations to the administrator of the Emissions Trading Scheme. (Climate Change Response (Emissions Trading) Amendment Act 2008, http://www.legislation.govt.nz/act/public/2008/0085/latest/DLM1130932.html(last visited Oct. 23, 2008); see also the New Zealand Government's climate change website, http://www.climatechange.govt.nz/emissions-trading-scheme/index.html(last visited Oct. 23, 2008).)