Cap-and-Trade of Diffuse Emissions of Nitrogen in Lake Taupo Catchment: Reviewing the Policy Decisions and the Market

by Justine Young; Sandra Barns

Jul 1, 2012
In 2011, Waikato Regional Plan Variation 5 - Lake Taupo Catchment (Variation 5) became operative, providing long term protection of water quality in Lake Taupo, New Zealand's largest lake. It was the culmination of more than ten years of policy development by the Waikato Regional Council (the council), involving consultation with affected landowners and the Taupo community, technical investigations, formal submissions and hearings processes, and Environment Court.

This report describes the policy decisions that formed the cap-and-trade scheme that is part of Variation 5, examines the characteristics of the nitrogen discharge allowances (NDA) held by farmers in the Taupo catchment, and describes early behaviour of the NDA market.

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