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Global Legal Monitor reports that on November 25, 2009 the New Zealand Parliament passed the Climate Change Response (Moderated Emissions Trading) Amendment Bill.  The legislation amends the emissions trading scheme that was developed by the previous government in 2008.

The industrial, energy, and transport sectors will now be required to enter into the emissions trading scheme from July 1, 2010. The agricultural sector will not enter the scheme until 2015.

Other changes in the amending legislation include:

· The allocation of emission units will be based on industry averages, rather than on 2005 levels as required by the original scheme, and will also be production-based.

· There will now be a transition phase of three years, involving a half-obligation and a fixed-price option of NZ$25 (about US$18) per ton of carbon.

· The phase-out of support to industry will be slower than under the original legislation.

For more information read here.