Introduced on Feb 5, 2021. The bill enables a confidential reserve price to be set for auctions in the Emissions Trading Scheme to ensure NZ Units sold at auction are not sold significantly below the prevailing secondary market price. First reading debate completed on Feb 10 and sent to the Environment Committee with ACT opposed. However, National opposed to the process with the Bill to reported back from the Environment Committee by March 4 ahead of the first auction on March 17. National said the govt had been aware of the absence of a confidential reserve price for a year and only at the last moment decided to implement one for the first auction. Reported back from select committee on March 3 with minor changes including the Climate Change Minister having to consult with the Finance Minister and auction monitor on the methodology setting the reserve price in certain circumstances. Passed through remaining stages under urgency on March 9. National withdrew its support at third reading as it wanted the Opposition leader to be consulted on the reserve price. It and ACT the ETS was becoming a tax due to the govt setting the price and not the market.

Climate Change Response (Auction Price) Amendment Bill