5X Duty of Minister to set emissions budgets and ensure they are met

(1)

The Minister must set an emissions budget for each emissions budget period in accordance with this subpart.

(2)

From 31 May 2022, there must be 3 consecutive emissions budgets, 1 current and 2 prospective, in place at any one time.

(3)

An emissions budget must be set and notified in the Gazette under section 5ZD as follows:

(a)

for the emissions budget period 2022 to 2025, by 31 May 2022:

(b)

for the emissions budget period 2026 to 2030, by 31 May 2022:

(c)

for the emissions budget period 2031 to 2035, by 31 May 2022:

(d)

for the emissions budget period 2036 to 2040, by 31 December 2025:

(e)

for the emissions budget period 2041 to 2045, by 31 December 2030:

(f)

for the emissions budget period 2046 to 2050, by 31 December 2035:

(g)

for any subsequent emissions budget period, by 31 December not less than 10 years before that emissions budget period commences.

(4)

The Minister must ensure that the net accounting emissions do not exceed the emissions budget for the relevant emissions budget period.

(5)

To avoid doubt, the emissions budget for the first emissions budget period applies to that whole period, commencing on 1 January 2022, even if it is set and notified after that.

Section 5X: inserted, on 14 November 2019, by section 8 of the Climate Change Response (Zero Carbon) Amendment Act 2019 (2019 No 61).

Section 5X(2): amended, on 3 November 2021, by Schedule 3 clause 2(1) of the COVID-19 Response (Management Measures) Legislation Act 2021 (2021 No 42).

Section 5X(3)(a): amended, on 3 November 2021, by Schedule 3 clause 2(2) of the COVID-19 Response (Management Measures) Legislation Act 2021 (2021 No 42).

Section 5X(3)(b): amended, on 3 November 2021, by Schedule 3 clause 2(2) of the COVID-19 Response (Management Measures) Legislation Act 2021 (2021 No 42).

Section 5X(3)(c): amended, on 3 November 2021, by Schedule 3 clause 2(2) of the COVID-19 Response (Management Measures) Legislation Act 2021 (2021 No 42).

Section 5X(5): inserted, on 3 November 2021, by Schedule 3 clause 2(3) of the COVID-19 Response (Management Measures) Legislation Act 2021 (2021 No 42).