PROTECTION OF THE ENVIRONMENT OPERATIONS ACT 1997 - SECT 295I Tradeable Emission Schemes Fund

PROTECTION OF THE ENVIRONMENT OPERATIONS ACT 1997 - SECT 295I

295I Tradeable Emission Schemes Fund

(1) There is to be established in the Special Deposits Account an account called the Tradeable Emission Schemes Fund.

(2) Money in the Fund is under the control of the EPA and can be expended by the EPA only for the purposes authorised by this section.

(3) There is to be paid into the Fund--

(a) all contributions paid by participants in a tradeable emission scheme under a regulation referred to in section 295H (Cost recovery), and

(a1) the proceeds of any auction or other sale of permits or credits, or any entitlement conferred by them, under a tradeable emission scheme, and

(b) the proceeds of investment of money in the Fund, and

(c) any gift or bequest of money for the purposes of the Fund, and

(d) any other money appropriated by Parliament for the purposes of the Fund or required by law to be paid into the Fund.

(4) There may be paid out of the Fund--

(a) the costs of management and administration of tradeable emission schemes (including payment for services provided by any person or body exercising functions under the scheme), and

(b) the costs of ensuring compliance with tradeable emission schemes, and

(c) such other costs relating to tradeable emission schemes as the EPA directs to be paid out of the Fund.

(4A) There may be paid out of the Fund to the Consolidated Fund any amount in the Fund that, in the opinion of the EPA, is in excess of the amounts required to meet the costs referred to in subsection (4).

(5) A separate account is to be established in the Fund for each tradeable emission scheme.

(6) If more than one account in the Fund is established under this Part, money in the accounts may be invested as a common pool. The proceeds of investments are to be distributed rateably among the accounts that contributed money to the common pool according to the amount contributed.