Commonwealth Consolidated Acts

AUSTRALIAN NATIONAL REGISTRY OF EMISSIONS UNITS ACT 2011 - SECT 43

Scope

  (1)   This section applies if:

  (a)   a person is the holder of a Registry account in which there is an entry for a long - term certified emission reduction; and

  (b)   under the regulations, the person is required to replace the long - term certified emission reduction by a particular time ascertained in accordance with the regulations; and

  (c)   the person breaches that requirement.

Transfer to mandatory cancellation account

  (2)   The Regulator must, in accordance with the regulations, transfer the long - term certified emission reduction to a mandatory cancellation account.

Replacement of long - term certified emission reduction

  (3)   For the purposes of this section, if a long - term certified emission reduction relates to a clean development mechanism project, the replacement by the person of the long - term certified emission reduction consists of instructing the Regulator under section   34 to transfer:

  (a)   an assigned amount unit; or

  (b)   a removal unit; or

  (c)   an emission reduction unit; or

  (d)   a certified emission reduction (other than a temporary certified emission reduction or a long - term certified emission reduction); or

  (e)   a long - term certified emission reduction relating to the project;

from a Registry account kept by the person to whichever of the following accounts is taken, under the regulations, to be the appropriate account:

  (f)   the long - term certified emission reduction replacement (storage reversal) account;

  (g)   the long - term certified emission reduction replacement (non - certification) account.

Identification of long - term certified emission reductions for which replacement is required

  (4)   Regulations made for the purposes of paragraph   (1)(b) may make provision for, or in relation to, the identification of long - term certified emission reductions for which replacement is required.