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What, if any, is the revenue impact of the four failed ETS auctions in 2025, and the failed auction in March 2026?

Answered Question 17384 (2026)
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Asked by

Chlöe Swarbrick

Member for Auckland Central · Green Party

Question

  • What, if any, is the revenue impact of the four failed ETS auctions in 2025, and the failed auction in March 2026?

Answered by

Hon Nicola Willis

List MP · National Party · Minister of Finance

Answer

The sale of units through ETS auctions does not have an impact on revenue. The Crown receives cash proceeds from the sale of ETS units. When auctions are forecast to clear and subsequently fail to, this results in lower than forecast cash proceeds with a corresponding impact on net core Crown debt.