New Zealand Legislation: Bills

18 New section 19 substituted

• Section 19 is repealed and the following section substituted: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.

    “(1A) 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 from sources listed in Annex A of the Protocol after 31 December 2012 after 31 December 2012 from sources listed in Annex A of the Protocol.

    “(2) New Zealand units and approved overseas units may not be retired.”