42Units extinguished for purpose of reducing final emissions value

42 Units extinguished for purpose of reducing final emissions value

(1) If: (a) a person is the registered holder of one or more units; and (b) the person’s interim emissions value for a year is greater than zero; the person may request that the Secretary extinguish any or all of those units for the purpose of reducing the person’s final emissions value for the year (but not below zero). (2) The request must: (a) be made during the period: (i) beginning on the interim reconciliation day for the year; and (ii) ending on the second 31 December after the end of the year; and (b) be in writing; and (c) meet the requirements (if any) prescribed by the rules.

Note: Example: A request to extinguish units for the purpose of reducing a person’s final emissions value for 2025 must be made between 1 February 2026 (the interim reconciliation day for 2025) and 31 December 2027).

(3) Within 15 business days after the request is made, the Secretary must extinguish the units covered by the request by removing the entry for each of those units from the person’s registry account. (4) This section has effect subject to section 46 (Secretary may refuse to extinguish or transfer units).