Document ID: chunk:federal_register_of_legislation:C2024C00517:section:43
Version: federal_register_of_legislation:C2024C00517
Segment Type: section
Provision Reference: s 43
Character Range: 66688–68576

43  Replacement of long‑term certified emission reductions

Scope
 (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.