but the market was quiet, with emitters resisting the temptation to stockpile cheap credits for the future . NZ carbon market now incredible "I'm surprised people are not filling their boots," one market participant said. " People seem to be having a tough time believing the market is credible ." There is growing speculation the Government's silence is because it could save face internationally by waiting for big players like China and the US to refuse to sign up to the second Kyoto round, before following suit . But OM Financial carbon broker Nigel Brunnel thinks New Zealand will sign up to new commitments in Doha, but then delay ratifying them. That could buy time to pursue aligning with a group of Asia-Pacific partners, and adopting voluntary emissions targets outside of Kyoto. That fits into two of the Government's climate-change themes, New Zealand doing its share, and not damaging competitiveness by enforcing heavy carbon payments on businesses when trading partners like the US and China do not. NZ's "token" costs us dear but the earth doesn't notice Because of that, about 85 per cent of world carbon emissions are not covered by international reduction agreements, and it is said in government circles that China's emissions increase daily by New Zealand's entire annual carbon output . Brunnel said companies with obligations to surrender credits had seen their value collapse, and he believed such businesses had lost faith in the market. Trading for some overseas-issued credits might also be slow because of