NZ Steel reports making 1.3m tonnes of carbon emissions, claims 1.8m tonnes of free carbon credits - CICTAR comments on scale of subsidies

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Written By Toby Quantrill

Radio New Zealand (RNZ) report that Australian-owned company NZ Steel was the biggest beneficiary of a government scheme to shield exporters from paying for their carbon emissions last year, followed by Methanex.

The company claimed 1.8 million free carbon credits from the government in 2023, under a system called industrial allocation.

Piece quotes Ed Millar, CICTAR researcher who has been tracking the value of the subsidy over its lifetime.

"Over the last decade, we estimate the total value of industrial allocation has reached almost $2 billion. As emissions unit prices rise, so too do the value of those industrial allocations."

Toby Quantrill
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