But of course.
From Point Carbon:
New Zealand’s economy would suffer less by buying carbon emission reduction credits offshore rather than imposing tough domestic caps to meet its Kyoto obligations, according to the New Zealand Institute of Economic Research, a privately-funded consultancy.
The New Zealand emissions trading scheme (ETS) will be the first in the world to cover all sectors of the economy and all greenhouse gases, if the current bill in parliament becomes law.
The scheme will start retroactively with the country's forestry sector capped from 1 January 2008. All other sectors will be gradually phased in by 2013....MORE