Safeguard Mechanism (Crediting) Amendment Act 2023 (14 of 2023)

Schedule 1   Safeguard mechanism

Part 1   Amendment of the National Greenhouse and Energy Reporting Act 2007

National Greenhouse and Energy Reporting Act 2007

31   Subsection 22XN(1)

Repeal the subsection, substitute:

(1) A person who is the registered holder of one or more prescribed carbon units may, by electronic notice transmitted to the Regulator, surrender any or all of those units for the purposes of reducing the net emissions number for a facility for a period if:

(a) the person has complied with the requirements (if any) specified in the safeguard rules; and

(b) the surrender meets the requirements (if any) specified in the safeguard rules; and

(c) the period meets the requirements (if any) specified in the safeguard rules.

(1A) Safeguard rules made for the purposes of paragraph (1)(b) may provide that a surrender of prescribed carbon units under subsection (1):

(a) must include a number of:

(i) prescribed carbon units of a specified kind; or

(ii) prescribed carbon units that satisfy specified conditions;

that is worked out in accordance with those rules; or

(b) must not include a number of:

(i) prescribed carbon units of a specified kind; or

(ii) prescribed carbon units that satisfy specified conditions;

that exceeds a number worked out in accordance with those rules.

(1B) Subsection (1A) does not limit the safeguard rules that may be made for the purposes of paragraph (1)(b).