The Sustainability Council says New Zealand's bill for greenhouse gas emissions now totals $1.3 billion.
Executive director Simon Terry said New Zealand has a carbon budget deficit of 51 million tonnes, which is $1.3 billion.
Mr Terry said the ETS is planned to work over the long term, to bring in enough income to pay New Zealand's carbon bills in total.
But in its first five years of operation, a lot more money has gone out of the scheme than has come in.
