Prof. Keith (always worth a read) has a view on where it may all go, and what it may mean once New Zealand gets there.
As far as I can tell, the logical conclusion is that for carbon "units" to meaningfully affect emitter behavior and thus emissions volume, the price of carbon units must rise to a point where the sheep (both meat and wool) and beef industries no longer exist.
And with them go billions of dollars worth of export earnings, to be replaced by some unknown value of dollars (in cash) being exported to offshore carbon unit holders.
Who would have ever thought of money as an export commodity, eh?
https://keithwoodford.wordpress.com/...d-a-minefield/
Discl: Alarmed, but backing both horses by hanging onto both the SFF shares and the carbon units