The window for input on the Climate Change Response (Emissions Trading and Other Matters) Amendment Bill is small with submissions due by 10 September 2012.

The Bill passed its first reading last week and has been referred to the Finance and Expenditure Select Committee with a report back date of 17 October.

Climate Change Minister Tim Groser told Parliament that the Bill "will keep carbon costs in New Zealand at a level similar to the current level, which is appropriate in terms of the current economic climate and international progress".

The 79 page Bill generally reflects the Government's previously announced policy decisions but also makes various "technical and operational changes" and contains a lot of detail for stakeholders to engage with.

Key proposed changes include extension of the "transitional measures" that soften the scheme's impact, a long-discussed forestry off-setting mechanism, and a new Part 7 imposing a synthetic greenhouse gas levy on goods and motor vehicles to replace the current ETS obligation on importing products which emit these gases.

The Government will also consult on regulations dealing with operational detail of the various proposals. The consultation on regulations is likely to occur later in the year, after the select committee process for the amending legislation.

The information in this article is for informative purposes only and should not be relied on as legal advice. Please contact Chapman Tripp for advice tailored to your situation.