This note is not part of the regulations, but is intended to indicate their general effect.
These regulations, which come into force on 23 December 2011, amend the Climate Change (Unit Register) Regulations 2008.
The amendment inserts new regulation 8A, which applies to industrial gas certified emission reduction units generated from—
New regulation 8A provides that an account holder may not, after 23 December 2011, transfer any of these units to a surrender account (subject to certain exceptions). If a unit appears to have been transferred to a surrender account in contravention of this prohibition, the Registrar must notify the account holder concerned and the Environmental Protection Authority. If, within 20 working days after the notification, the account holder does not satisfy the Registrar that the surrender was permitted under an exception, the Registrar must reverse the transfer of the unit. The transfer of a unit that is reversed is to be treated as if it had never taken place for the purpose of assessing whether the account holder has surrendered the required number of units by the due date.
If, within 20 working days after the notification, the account holder transfers a unit to a surrender account to replace the unit to which the notification relates, the replacement unit is to be treated as having been transferred on the date of the transfer of the unit it is replacing.
Date of notification in Gazette: 22 December 2011.
These regulations are administered by the Ministry for the Environment.