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

28   After subsection 22XK(2)

Insert:

(2A) Safeguard rules made for the purposes of paragraph (2)(c) may provide that if:

(a) a person:

(i) surrendered; or

(ii) because of safeguard rules made for the purposes of paragraph (3)(d), is taken to have surrendered;

a number of prescribed carbon units for the purpose of reducing the net emissions number for a facility for a period; and

(b) some or all of those units:

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

(ii) satisfy specified conditions;

the net emissions number for the facility for the period is reduced (but not below zero) by a number, worked out in accordance with those rules, that is less than the number of prescribed carbon units surrendered.

(2B) Subsection (2A) does not limit the safeguard rules that may be made for the purposes of paragraph (2)(c).