Bertram and Terry ( 2008 , p35 ) concluded that the NZ ETS is not a cap - and - trade scheme as described in the economics literature .
NZ ETS does not place a cap on New Zealand 's emissions of greenhouse gases .
Bertram and Terry ( 2008 , p35 ) concluded that the NZ ETS is not a cap - and - trade scheme as described in the economics literature because it does not place a cap on New Zealand 's emissions of greenhouse gases .