The New Zealand Government budget delivered May 15 prohibits forest owners from exiting the NZETS by surrendering non NZU units. Designed to prevent arbitrage by forest owners selling NZU for $3 then surrendering ERU or CER thereby taking a significant margin and existing the scheme the legislation gave no warning to stamp out a practice that is becoming more widespread.
You can still use Kyoto units (including Emission Reduction Units) for harvesting and deforestation of forest land registered in the NZ
ETS; and for repaying over-allocated units until 31 May 2015. You can also resell them to industrial emitters and pre-1990 foresters who are deforesting until 31 May 2015, or sell them to overseas buyers.
for more information refer to the Sustainable forestry bulletin #50