30IA Minister must obtain greenhouse gas reductions to match certain excess units

(1)

This section applies to the following New Zealand units (if any) to the extent that they cause the emissions budget for an emissions budget period to be exceeded:

(a)

the units sold by auction, after being released in a reserve amount, in that period:

(b)

the units allocated for eligible activities, or provided to participants under negotiated greenhouse agreements, in that period.

(2)

The Minister must ensure, or enter into agreements that require, that the emission of greenhouse gases is reduced, or the removal of greenhouse gases from the atmosphere is increased, by 1 tonne of carbon dioxide equivalent for each of the units, whether by domestic means or offshore mitigation.

(3)

The deadline for the Minister to do so is as soon as is reasonably practicable after the end of the emissions budget period.

Section 30IA: inserted, on 23 June 2020, by section 52 of the Climate Change Response (Emissions Trading Reform) Amendment Act 2020 (2020 No 22).