New Zealand cannot and must not rely on international markets to set our future domestic emission price. As both taxpayers and responsible global citizens, we need to decide where to fund emission reductions. Most mitigation opportunities are in developing countries. The benefits of investing in lower-cost reductions overseas need to be weighed against the costs of deferring strategic investment in New Zealand’s own low-emission transformation. However we also need an effective mechanism to direct New Zealand’s contribution to mitigation overseas. In collaboration with others, Motu researchers are prototyping a new approach: a results-based agreement between buyer and seller governments within a climate team.