CLEAN ENERGY ACT 2011 (NO. 131, 2011) - SECT 123 Surrender restrictions

CLEAN ENERGY ACT 2011 (NO. 131, 2011) - SECT 123

             (1)  The regulations may make provision for, or in relation to, prohibiting the surrender of specified eligible international emissions units.

Note:          For specification by class, see subsection 13(3) of the Legislative Instruments Act 2003 .

             (2)  In making a recommendation to the Governor-General about regulations to be made for the purposes of subsection (1), the Minister may have regard to:

                     (a)  Australia's international objectives; and

                     (b)  Australia's international obligations (including obligations under international climate change agreements); and

                     (c)  the environmental integrity of this Act and the associated provisions; and

                     (d)  any relevant report given to the Minister by the Climate Change Authority under Part 22; and

                     (e)  the extent to which eligible international emissions units may be surrendered, accepted or used for the purposes of:

                              (i)  the Climate Change Response Act 2002 of New Zealand; or

                             (ii)  the European Union emissions trading scheme; and

                      (f)  such other matters (if any) as the Minister considers relevant.

             (3)  If:

                     (a)  regulations are made for the purposes of subsection (1); and

                     (b)  the regulations are registered under the Legislative Instruments Act 2003 during an eligible financial year;

the regulations do not apply to the surrender of eligible international emissions units in relation to the eligible financial year.