Climate Change Response (Emissions Trading Reform) Amendment Bill

222 Schedule 1AA amended

(1)

In Schedule 1AA, clause 12(3)(c)(i)(A), delete “New Zealand”.

(2)

In Schedule 1AA, after clause 13, insert:

14 Cancellation of historic approved overseas units

(1)

This clause applies to approved overseas units that were issued in the first commitment period starting on 1 January 2008 and ending on 31 December 2012, other than those that are held by the Crown in a Crown holding account or an account established under section 7.

(2)

If any person holds any of the approved overseas units, the Registrar must transfer the units to a cancellation account.

(3)

The EPA must direct the Registrar to transfer a New Zealand unit from a Crown holding account to a person’s holding account for each of that person’s approved overseas units—

(a)

that is a New Zealand assigned amount unit (as defined by regulation 3 of the Climate Change (Unit Register) Regulations 2008); and

(b)

that the Registrar transfers to a cancellation account under this clause.

(4)

No compensation is payable for any other units that the Registrar transfers to a cancellation account under this clause.

(3)

In Schedule 1AA, clause 26(2)(b), delete “New Zealand”.