Alternatively, the opportunities may consist of revenue from developing technology or services which enable others to cut emissions or save energy.
An example would be international consultancy work based on expertise in geothermal energy.
Underlying the project is the council's conviction that it is important to identify and promote no-regrets or win-win policies, such as greatly increased energy efficiency, to minimise the risks associated with taking on Kyoto Protocol obligations.
Said council chairman Stephen Tindall: "We must find a transitional process that moves us at a pace that optimises business opportunities in the new sustainable development paradigm, and minimises casualties."
Jo Hume, an environmental engineer who will manage the climate change project, said it would also seek to adapt to New Zealand conditions standards for accounting for greenhouse gas emissions developed by the World Council for Sustainable Development.
"The slogans there are 'You treasure what you measure' and 'What you measure you can manage'," she said.
Businesses were often surprised to discover which part of their operations would deliver most bang for the buck in emission reductions or energy efficiency.
She said the project would mainly focus on industrial, commercial and transport emissions.
More work was needed on how to accurately measure and estimate the emissions from livestock and soils, which make up more than half of New Zealand's greenhouse gas emissions.
Agriculture Minister Jim Sutton, who was under fire last week for refusing to rule out a "flatulence tax", said that in the consultation process all options were on the table, but no decisions had been taken about how to implement Kyoto domestically.
