Protection of the Environment Operations Act 1997
295UGreen Offsets Fund
Start here
Get a plain-English read of 295U
Turn the raw legal text into a practical explanation grounded in Protection of the Environment Operations Act 1997.
295U Green Offsets Fund
295U Green Offsets Fund
(1) There is to be established in the Special Deposits Account an account called the Green Offsets Fund.
(2) Money in the Fund is under the control of the EPA and can be expended by the EPA only for the purposes authorised by this section.
(3) There is to be paid into the Fund—
(a) all contributions for green offset schemes paid by the holders of licences, and
(b) all contributions paid by participants in a green offset scheme or works under a regulation referred to in section 295S, and
(c) the proceeds of any auction or other sale of credits, or any entitlement conferred by them, under a green offset scheme, and
(d) the proceeds of investment of money in the Fund, and
(e) any gift or bequest of money for the purposes of the Fund, and
(f) any other money appropriated by Parliament for the purposes of the Fund or required by law to be paid into the Fund.
(4) There may be paid out of the Fund—
(a) the costs of green offset schemes, including management and administration of schemes and payment for works under the scheme and services provided by any person or body exercising functions under the scheme, and
(b) the costs of green offset works, including management of works and payment for services by any person or body providing or managing the works, and
(c) the costs of ensuring compliance with green offset schemes or the provision of green offset works, and
(d) such other costs relating to green offset schemes or works as the EPA directs to be paid out of the Fund.
(5) There may be paid out of the Fund to the Consolidated Fund any amount in the Fund that, in the opinion of the EPA, is in excess of the amounts required to meet the costs referred to in subsection (4).
(6) A separate account is to be established in the Fund for each green offset scheme.
(7) If more than one account in the Fund is established under this Part, money in the accounts may be invested as a common pool. The proceeds of investments are to be distributed rateably among the accounts that contributed money to the common pool according to the amount contributed.