New Zealand Legislation: Acts
Acts are laws made by Parliament
Section 19 is repealed and the following section substituted:
“19 Retirement of Kyoto units by the Crown
“(1) The Crown may offset each tonne of carbon dioxide equivalent of human-induced greenhouse gas emissions, emitted from sources listed in Annex A of the Protocol, by transferring a Kyoto unit to the retirement account.
“(2) Despite subsection (1), the Crown may not retire a CP1 imported assigned amount unit to offset any carbon dioxide equivalent of human-induced greenhouse gas emissions that are emitted after 31 December 2012 from sources listed in Annex A of the Protocol.
“(3) New Zealand units and approved overseas units may not be retired.”