Commonwealth Consolidated Acts Commonwealth Consolidated ActsScope
(1) This section applies if:
(a) a person is the holder of a Registry account in which there is an entry for a long - term certified emission reduction; and
(b) under the regulations, the person is required to replace the long - term certified emission reduction by a particular time ascertained in accordance with the regulations; and
(c) the person breaches that requirement.
Transfer to mandatory cancellation account
(2) The Regulator must, in accordance with the regulations, transfer the long - term certified emission reduction to a mandatory cancellation account.
Replacement of long - term certified emission reduction
(3) For the purposes of this section, if a long - term certified emission reduction relates to a clean development mechanism project, the replacement by the person of the long - term certified emission reduction consists of instructing the Regulator under section 34 to transfer:
(a) an assigned amount unit; or
(b) a removal unit; or
(c) an emission reduction unit; or
(d) a certified emission reduction (other than a temporary certified emission reduction or a long - term certified emission reduction); or
(e) a long - term certified emission reduction relating to the project;
from a Registry account kept by the person to whichever of the following accounts is taken, under the regulations, to be the appropriate account:
(f) the long - term certified emission reduction replacement (storage reversal) account;
(g) the long - term certified emission reduction replacement (non - certification) account.
Identification of long - term certified emission reductions for which replacement is required
(4) Regulations made for the purposes of paragraph (1)(b) may make provision for, or in relation to, the identification of long - term certified emission reductions for which replacement is required.