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Evolution of the New Zealand Voluntary Carbon Market: An Analysis of CarboNZero Client Disclosures

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  • S. Jeff Birchall
  • Maya Murphy
  • Markus J. Milne

Abstract

Climate change has the potential to dramatically change the world as we know, both in terms of the environment and the way in which societies operate. Public policy responses to climate change continue to evolve, with many western economies proposing mechanisms for emission reductions, for example, through a tax on carbon or emissions trading schemes. In the absence of finalised regulation, organisations choosing to offset their carbon emissions are engaging in the voluntary carbon market (VCM). Through an empirical description and analysis of organisations comprising the VCM field in New Zealand, this paper provides evidence of the evolution of the carbon market as well as the level of success of CarboNZero's certification programmes (CarboNZero-super-Cert and CEMARS-super-Cert) in reducing organisational emissions. Examination of disclosure documents of clients of CarboNZero indicates that the growth of VCM in New Zealand is slowing down. Furthermore, CarboNZero's programmes were found to be only modestly effective. This research thus finds that incorporation of carbon accounting is not necessarily evidence of organisational action or improvement on climate change abatement.

Suggested Citation

  • S. Jeff Birchall & Maya Murphy & Markus J. Milne, 2015. "Evolution of the New Zealand Voluntary Carbon Market: An Analysis of CarboNZero Client Disclosures," Social and Environmental Accountability Journal, Taylor & Francis Journals, vol. 35(3), pages 142-156, December.
    • Handle: RePEc:taf:seaccj:v:35:y:2015:i:3:p:142-156
    DOI: 10.1080/0969160X.2015.1061444
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    Cited by:

    1. Rong He & Le Luo & Abul Shamsuddin & Qingliang Tang, 2022. "Corporate carbon accounting: a literature review of carbon accounting research from the Kyoto Protocol to the Paris Agreement," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 62(1), pages 261-298, March.
    2. Mumtaheena Anwar & Sohanur Rahman & Md. Nurul Kabir, 2021. "Does national carbon pricing policy affect voluntary environmental disclosures? A global evidence," Environmental Economics and Policy Studies, Springer;Society for Environmental Economics and Policy Studies - SEEPS, vol. 23(2), pages 211-244, April.
    3. Raymond Markey & Joseph McIvor & Martin O’Brien & Chris F Wright, 2021. "Triggering business responses to climate policy in Australia," Australian Journal of Management, Australian School of Business, vol. 46(2), pages 248-271, May.
    4. Pii‐Tuulia Nikula, 2022. "Beyond compliance – Voluntary climate mitigation by New Zealand firms," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 29(5), pages 1456-1464, September.
    5. Li, Lili & Zhang, Daowei, 2024. "Forest carbon offset protocols in compliance carbon markets," Forest Policy and Economics, Elsevier, vol. 165(C).

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