Genesis Energy has compliance obligations under the New Zealand Emissions Trading legislation and regulations (NZETS). Obligations arise from Genesis Energy’s operational activities, including using gas to generate electricity.
Find out how we are working to minimise our environmental impact.
To be compliant Genesis Energy is required to procure and surrender Emission Units to the government to offset the obligation. The obligation is calculated in the Annual Emission Return as detailed in the legislation.
Emission Units are defined by the UNFCCC under the Kyoto Protocol and each is equivalent to one tonne of CO2. There are several types of unit, each having different qualities that affect their market value. Units are held in electronic registries administered by governments around the world. In many ways, units can be thought of as legal tender. Units are minted by the UNFCCC then held in registry accounts - much like bank accounts. Like internet banking, owners of units can transfer them around the world.
For more information on the NZETS and international Climate Change policy the following websites are useful resources:
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