pay for these forests and future generations of Ng?i Tahu and all New Zealanders will benefit." MARK SOLOMON Kaiwhakahaere, Te R?nanga o Ng?i Tahu New Zealand has obligations under the Kyoto Protocol, which sets targets for the greenhouse gas emissions of developed countries for the period 2008 to 2012. It has undertaken to ensure its average annual emissions during this five-year period are the same as 1990 emissions, after allowing for any international transfers of Kyoto-compliant carbon credits. The next commitment period, rules and targets are currently being discussed by world leaders at Copenhagen. Currently, Kyoto Protocol rules allow New Zealand to use increases in forestry to offset its growth in gross emissions. Forests planted after 1990, on land that was not previously forested (such as marginal agricultural land), can earn credits because carbon dioxide has been taken out of the atmosphere by the growing trees (also known as forest sinks). At the same time, forests that existed before 1990 and are felled and not replanted create a debit, because it is assumed that all carbon stored in these trees is released back into the atmosphere. That placed Ng?i Tahu in a bad position given its extensive investment in pre-1990 forestry as part of its Settlement. It had intended to convert much of those forests into dairy farms. Back in February last year, Ng?i Tahu began talks with the Labour-led government concerning its unique position. Labour agreed if the Climate Change Bill proceeded, Ng?i Tahu would suffer between $70 and