New Zealand Carbon Auction Attracts Bids After Four Failures

New Zealand successfully sold carbon units in the government’s latest auction round after four previous events failed to produce winning bids.

The government sold 2.9 million units out of a total of 11.2 million units available at a clearing price of NZ$64 ($39), according to a government noticeboard Wednesday in Wellington. This marks the first time since late 2022 that bids have cleared the government’s confidential minimum price.

Spot prices fell as much as 13% following the auction, and were NZ$56.99 at 12.46 p.m. local time.

Auctions of the units are held quarterly, with all four rounds in 2023 failing ...