Climate Change Response (Emissions Trading) Amendment Act 2008

Reprint as at 23 June 2020

Coat of Arms of New Zealand

Climate Change Response (Emissions Trading) Amendment Act 2008

Public Act
 
2008 No 85
Date of assent
 
25 September 2008
Commencement
 
see section 2
Note

Changes authorised by subpart 2 of Part 2 of the Legislation Act 2012 have been made in this official reprint.

Note 4 at the end of this reprint provides a list of the amendments incorporated.

This Act is administered by the Ministry for the Environment.

Contents

1Title
2Commencement
3Principal Act amended
4New section 2A inserted
2AApplication of Schedules 3 and 4
5Purpose
6Interpretation
7Minister of Finance may give directions to Registrar regarding accounts and units
8Registrar must give effect to directions of Minister of Finance
9Minister of Finance may obtain information from inventory agency and Registrar
10Purpose of Registry
11Appointment of Registrar
12Section 14 repealed
13Registrar must allocate unique numbers
14Carry-over of units
15Commitment period reserve
16Form and content of unit register
17Opening holding accounts
18Closing holding accounts
19Transfer of units
20New sections 18CA, 18CB, 18CC, and 18CD inserted
18CAEffect of surrender, retirement, cancellation, and conversion
18CBRestriction on surrender of assigned amount units
18CCRestriction on surrender of assigned amount units issued during first commitment period
18CDEffect of surrendering restricted assigned amount units
21New section 19 substituted
19Retirement of Kyoto units by the Crown
22Transactions must be registered
23Registration procedure
24New section 21AA inserted
21AARegistration procedure for New Zealand units and approved overseas units
25Defective applications
26Receiving units from overseas registries
27New section 23A inserted
23AReceiving New Zealand units and approved overseas units from overseas registries
28Priority of registration
29Correction of unit register
30Unit register must be open for search
31New section 27 substituted
27Information accessible by search
32Recovery of fees
33Crown or Registrar not liable in relation to searches in certain cases
34New heading and sections 30E to 30K inserted
30EConversion of New Zealand units into designated assigned amount units for sale overseas or cancellation
30FRestrictions on certain New Zealand units allocated to landowners of pre-1990 forest land
30GRegulations relating to Part 2
30HProcedure for certain regulations relating to units
30IIncorporation by reference in regulations made under section 30G
30JSigning false declaration with respect to regulations made under section 30G
30KProviding false or misleading information to Registrar
35New Part 3 heading substituted
36Primary functions of inventory agency
37Inventory agency under direction of Minister responsible for inventory agency
38New heading substituted
39Authorisation of inspectors
40Power to enter land or premises to collect information to estimate emissions or removals of greenhouse gases
41Limitation on power of entry under section 37
42New section 45A inserted
45AProtection of persons acting under authority of this Part
43Obstructing, hindering, resisting, or deceiving person exercising power under Act
44Signing false declaration
45Section 48A repealed
46Reporting
47Regulations
48New section 51 substituted
51Incorporation by reference in regulations made under section 50
49Inventory agency must report to Minister responsible for inventory agency on certain matters before certain regulations are made
50New Parts 4 and 5 inserted
54Participants
55Associated persons
56Registration as participant in respect of activities listed in Schedule 3
57Applications to be registered as participant in respect of activities listed in Schedule 4
58Removal from register of participants in respect of activities listed in Schedule 4
59Removal from register of participants in respect of activities listed in Schedules 3 and 4
60Exemptions in respect of activities listed in Schedule 3
61Participants must have holding accounts
62Monitoring of emissions and removals
63Liability to surrender units to cover emissions
64Entitlement to receive New Zealand units for removal activities
65Annual emissions returns
66Quarterly returns for other removal activities
67Retention of emissions records
68Interpretation
69Issuance of New Zealand units
70Notification of intention regarding New Zealand units
71Allocation in respect of pre-1990 forest land
72Minister to appoint person to hold certain New Zealand units
73Allocation to industry
74Establishment of Innovation Fund
75Allocation to fishing vessel operators
76Allocation to agriculture
77Other matters with respect to allocation plans
78Draft allocation plans
79Governor-General may issue allocation plans
80Correction and publication of allocation plans
81Content of criteria and methodologies in allocation plans
82Determinations made in accordance with allocation plan
83Minister may require further information after determination made
84New determination made in accordance with allocation plan
85Effect of new determination
86Balance of units at end of true-up period or other balance date
87Functions of chief executive
88Directions to chief executive
89Chief executive to publish certain information
90Chief executive may prescribe form of certain documents
91Approval of unique emissions factors
92Recognition of verifiers
93Appointment of enforcement officers
94Power to require information
95Power to inquire
96Inquiry before District Court Judge
97No criminal proceedings for statements under section 95 or 96
98Expenses in relation to inquiries by chief executive or District Court Judge
99Obligation to maintain confidentiality
100Power of entry for investigation
101Applications for warrants
102Proof of authority must be produced
103Notice of entry
104Information obtained under section 100 or 101 only admissible in proceedings for alleged breach of obligations imposed under this Part and Part 5
105Return of items seized
106Protection of persons acting under authority of this Part
107Applications for emissions rulings
108Matters in relation to which chief executive may decline to make emissions rulings
109Making of emissions rulings
110Notice of emissions rulings
111Confirmation of basis of emissions rulings
112Notifying chief executive of changes relevant to or failure to comply with emissions rulings
113Correction of emissions rulings
114Cessation of emissions rulings
115Appeal from decisions of chief executive
116Effect of emissions rulings
117Chief executive may publish certain aspects of emissions rulings
118Submission of final emissions returns
119Power to extend date for emissions returns
120Amendment to emissions returns by chief executive
121Assessment if default made in submitting emissions return
122Amendment or assessment presumed to be correct
123Effect of amendment or assessment
124Reimbursement of units by chief executive
125Repayment of units by persons in case of error
126Obligation to surrender or repay units not suspended by review or appeal
127Time bar for amendment of emissions returns
128Amendments and assessments made by electronic means
129Strict liability offences
130Offence for breach of section 99
131Offence for failure to provide information or documents
132Other offences
133Evasion or similar offences
134Penalty for failing to surrender or repay units
135Reductions in penalty
136Additional penalty for knowing failure to comply
137Interest for late payment
138Obligation to pay penalty not suspended by appeal
139Liability of body corporate
140Liability of directors and managers of companies
141Liability of companies and persons for actions of director, agent, or employee
142Limitation period for commencement of proceedings
143Evidence in proceedings
144Request for review of decisions
145Right of appeal to District Court
146Appeals to High Court on questions of law only
147Giving of notices by chief executive
148Giving of notices to chief executive
149Sharing information
150Formation of consolidated group
151Changes to consolidated groups
152Nominated entities
153Effect of being member of consolidated group
154Emissions returns by consolidated group in respect of activities in Part 1 of Schedule 4
155Ceasing to be member of consolidated group
156Effect of ceasing to be member of consolidated group
157Joint activities
158Compensation for participants where public works result in liability to surrender units
159Chief executive must surrender or repay units for person who is in default or insolvent
160Reviews of operation of emissions trading scheme
161Appointment and conduct of review panel
162Regulations adding further activity to Part 2 of Schedule 4
163Regulations relating to methodologies and verifiers
164Regulations relating to unique emissions factors
165Regulations relating to offsetting of pre-1990 forest land
166Procedure for regulations relating to methodologies, verification, unique emissions factors, and offsetting
167Regulations relating to fees and charges
168Other regulations
169Incorporation by reference in regulations made under section 163
170Effect of amendments to, or replacement of, material incorporated by reference in regulations
171Proof of material incorporated by reference
172Effect of expiry of material incorporated by reference
173Requirement to consult
174Public access to material incorporated by reference
175Acts and Regulations Publication Act 1989 not applicable to material incorporated by reference
176Application of Regulations (Disallowance) Act 1989 to material incorporated by reference
177Application of Standards Act 1988 not affected
178Recovery of fees or charges
179Forest land to be treated as deforested in certain cases
180Participant in respect of pre-1990 forest land
181When deforestation to be treated as occurring in respect of pre-1990 forest land
182Offsetting in relation to pre-1990 forest land
183Applications for exemption for land holdings of less than 50 hectares of pre-1990 forest land
184Exemptions for deforestation of land with tree weeds
185Effect of exemption
186Methodology for pre-1990 forest land
187Conditions on registration as participant in respect of certain activities relating to post-1989 forest land
188Registration as participant in respect of post-1989 forest land
189Emissions returns for post-1989 forest land activities
190Special rules regarding surrender of units in relation to post-1989 forest land
191Ceasing to be registered as participant in respect of post-1989 forest land
192Transfer of registration as participant in respect of post-1989 forest land
193Transfer of registration on expiry or termination of registered forestry right, registered lease, or Crown conservation contract in relation to post-1989 forest land
194Information about status of forest land
195Notification of status of forest land
196First emissions return for pre-1990 forest land activities
197First emissions return for post-1989 forest land activities
198Registration as participant by purchasers of jet fuel
199Historical information sufficient to satisfy chief executive
200Effect of purchasing less than the threshold level of obligation jet fuel
201Effect of registration by purchasers of jet fuel
202Activities added to Part 2 of Schedule 3
203Treatment of obligation fuels
204Participant with respect to mining coal or natural gas
205Mining natural gas in exclusive economic zone and continental shelf
206Obligation with respect to combusting used oil, waste oil, and waste
207Obligation with respect to mining coal
208Purchase of coal or natural gas from wholly owned subsidiary of Part 3 of Schedule 3 participant
209Registration as participant by purchasers of coal or natural gas
210Historical information sufficient to satisfy chief executive
211Effect of purchasing less than threshold level of coal or natural gas
212Effect of registration by purchasers of coal or natural gas
213Registration as participants by persons carrying out activities listed in Part 5 of Schedule 4
214Historical information sufficient to satisfy chief executive
215Effect of purchasing or farming less than threshold level
216Effect of registration by farmers
217Transitional provision for penalties
218Transitional provision for voluntary reporting
219Transitional provision for mandatory reporting by certain participants
220Additional transitional provision for mandatory reporting for subpart 3 of Part 2 of Schedule 4 participants
221Additional transitional provisions for Part 3 of Schedule 4 participants
222Transitional provisions regarding regulations that replace existing unit register regulations
223Establishment of Household Fund
224Gazetting of targets
51Regulations upon which consultation has been undertaken before commencement of this section [Repealed]
52New Schedules 3 and 4 added
53Process to apply before offsetting provisions may be commenced [Repealed]
54Amendments to Forests Act 1949
55Amendments to Forestry Rights Registration Act 1983
56Amendments to Summary Proceedings Act 1957
57Amendments to Income Tax Act 2004
58New heading and section CB 29 inserted
CB 29Disposal of ETS units
59New section CW 3B inserted
CW 3BPre-1990 forest land units: emissions trading scheme
60New section CX 44F inserted
CX 44FIssue of post-1989 forest land units
61New heading and sections DB 46 and DB 47 inserted
DB 46Acquisition of ETS units
DB 47Surrender of pre-1990 forest land units for post-1989 forest land deforestation
62Meaning of trading stock
63Valuation of excepted financial arrangements
64What is an excepted financial arrangement?
65New section GD 16 inserted
GD 16Disposals of ETS units at below market value
66Definitions
67Amendments to Income Tax Act 2007
68New heading and section CB 36 inserted
CB 36Disposal of ETS units
69New section CW 3B inserted
CW 3BPre-1990 forest land units: emissions trading scheme
70New section CX 48B inserted
CX 48BIssue of post-1989 forest land units
71New heading and sections DB 60 and DB 61 inserted
DB 60Acquisition of ETS units
DB 61Surrender of pre-1990 forest land units for post-1989 forest land emissions
72Meaning of trading stock
73Valuation of excepted financial arrangements
74What is an excepted financial arrangement?
75New section GC 4B inserted
GC 4BDisposals of ETS units at below market value
76Definitions
77Goods and Services Tax Act 1985
78Interpretation
79Zero-rating of goods
80Zero-rating of services
81Amendments to Personal Property Securities Act 1999
Reprint notes

The Parliament of New Zealand enacts as follows: