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CLEAN ENERGY ACT 2011 (NO. 131, 2011) - SECT 101 Limit on issue of carbon units

CLEAN ENERGY ACT 2011 (NO. 131, 2011) - SECT 101

Limit on issue of carbon units

             (1)  The Regulator must ensure that not more than 15 million carbon units with a particular vintage year are issued as a result of auctions that were conducted by the Regulator during a financial year if:

                     (a)  the financial year begins more than 12 months before the start of the vintage year; and

                     (b)  there are no regulations in effect that declare the carbon pollution cap, and the carbon pollution cap number, for the vintage year.

             (2)  The Regulator must ensure that not more than 15 million carbon units with a particular vintage year are issued as a result of auctions that were conducted by the Regulator during the first 6 months of the financial year immediately preceding the vintage year if there are no regulations in effect that declare the carbon pollution cap, and the carbon pollution cap number, for the vintage year.