The price of a unit under The Emissions Trading Scheme is continuing to plummet. It has now dropped about $30 in just three months and Finance Minister Grant Robertson is seeking advice on how the scheme is functioning. The ETS units were trading above $70 for more than a year reaching as high as $88.50 on the secondary market. Called NZUs – they represent the equivalent of emitting one tonne of carbon – are now trading at around $55 on the secondary market with units trading as low as $48 on one secondary market on Monday. Grant Robertson says it’s pretty obvious you need a carbon price that reflects where the market actually is for the Emissions Trading Scheme to do its job. The ETS price tumbled when the Government rejected advice from the Climate Change Commission to significantly tighten ETS settings by raising the minimum price units were sold on the primary market. The Climate Change Commission recommended a price floor of $62 – almost double the current floor but Cabinet did not agree. the price of NZUs then began to fall, suggesting a lack of confidence in the market.