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Iwi sell carbon emission credits to Germany
Maori landowners and an electricity SOE have made $9.3 million from selling emissions credits to Germany.
The credits were incurred by Nga Awa Purua geothermal power station, north east of Taupo.
The 140 megawatt station is run jointly by Mighty River Power and the Tauhara North No. 2 Trust.
The money came from the sale of 410,000 Emissions Reduction Units from the power station to Deutsche Bank AG.
The credits are available because Nga Awa Purua’s geothermal energy displaces the need to generate far more polluting energy by burning fossil fuels.
The Tauhara North No 2 Trust was formed in 1993. The block of land covers an area of 326.5000 hectares in total. The block was originally managed by the Maori Trustees. Ngati Tahu Tribal Trust got involved in 1981. The lessee during this period was Landcorp. Ten years later in 1991, the trustees made the decision to take over the management and control of Tauhara North No2 block because they could see the potential of this block. In 1992, the block of land was formally handed back to The Ngati Tahu Tribal Trust.