Climate Change (Auctions, Limits, and Price Controls for Units) Amendment Regulations 2021

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2021/290

Coat of Arms of New Zealand

Climate Change (Auctions, Limits, and Price Controls for Units) Amendment Regulations 2021

Patsy Reddy, Governor-General

Order in Council

At Wellington this 27th day of September 2021

Present:
Her Excellency the Governor-General in Council

These regulations are made under section 30GB of the Climate Change Response Act 2002

(a)

on the advice and with the consent of the Executive Council; and

(b)

on the recommendation of the Minister of Climate Change made after complying with sections 3A, 3B, 30GB, and 30GC of that Act.

Regulations

1 Title

These regulations are the Climate Change (Auctions, Limits, and Price Controls for Units) Amendment Regulations 2021.

2 Commencement

These regulations come into force on 1 January 2022.

4 Schedule 3 amended

In Schedule 3, replace the limits table and the price control settings table with the corresponding tables set out in the Schedule of these regulations.

Schedule Schedule 3 amended

r 4

Limits

Column 1Column 2Column 3Column 4
Calendar yearNew Zealand units available by auction
(millions)
Approved overseas units used
(millions)
Overall limit on units
(millions)
202226.30.034.5
202325.60.034.5
202425.00.032.9
202523.30.029.6
202621.70.027.9

Price control settings

Column 1Column 2Column 3Column 4
Calendar yearMinimum price below which units must not be sold by auction
($)
Trigger price for sale of reserve amount of New Zealand units
($)
Reserve amount of New Zealand units
(millions)
202230.0070.007.0
202332.1078.407.0
202434.3587.817.0
202536.7598.346.8
202639.32110.156.7

Michael Webster,
Clerk of the Executive Council.

Explanatory note

This note is not part of the regulations, but is intended to indicate their general effect.

These regulations, which come into force on 1 January 2022, amend the Climate Change (Auctions, Limits, and Price Controls for Units) Regulations 2020. These regulations replace the tables in Schedule 3 of those regulations to prescribe limits and price control settings for each of the next 5 years.

Issued under the authority of the Legislation Act 2012.

Date of notification in Gazette: 30 September 2021.

These regulations are administered by the Ministry for the Environment.