Protection of the Environment Operations Act 1997 No 156
Current version for 1 January 2015 to date (accessed 26 January 2015 at 21:25)
Chapter 9Part 9.3ASection 295B

295B   Tradeable emission schemes

(1)  A tradeable emission scheme may include any or all of the following elements:
(a)  the creation of a market for entitlements to emit a particular pollutant or pollutants,
(b)  monitoring and reporting levels of pollution and emission of pollutants,
(c)  the creation of tradeable emission permits or credits,
(d)  the initial sale or allocation and further sale or allocation of tradeable emission permits or credits,
(e)  provision for the holding of tradeable emission permits or credits by members of the public,
(f)  the rights and duties of participants in the scheme,
(g)  the trading of tradeable emission permits or credits or of any entitlement conferred by them (including restrictions on trading and any other dealings),
(h)  safeguards against anti-competitive behaviour by participants in the scheme,
(i)  the alteration, suspension, cancellation or forfeiture of tradeable emission permits or credits, or other rights or entitlements under the scheme.
(2)  A tradeable emission scheme must include:
(a)  a limit on total emissions of the pollutant or pollutants to which the scheme applies, or
(b)  a scheme to offset pollution, or
(c)  a program for the surrender of tradeable emission permits or credits over time, or
(d)  a combination of any or all of the elements referred to in paragraphs (a)–(c).
(3)  A tradeable emission scheme may include elements other than those mentioned in this section.
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