The New Zealand government is offering Kyoto Protocol carbon credits to owners of permanent forests established since 1990.
The alteration in climate change policy is designed to recognise the long-term value of permanent reforestation.
Forest owners will also be able to harvest timber from their land, but only after 35 years without any felling. Earlier harvesting or clearfelling would result in penalty payments.
Carbon credits are internationally tradeable and can add to the financial value of projects which reduce greenhouse gas emissions.
